Petrol price: Akpabio urges Nigerians to reduce number of cars

Petrol price: Akpabio urges Nigerians to reduce number of cars

Senate President, Godswill Akpabio, has advised Nigerians groaning over high price of fuel to tighten their belts as well as reduce the number of vehicles in their garages.

The Nigerian National Petroleum Company Limited on Wednesday instructed its retail outlets to increase the price of premium motor spirit, popularly called petrol to N1,030 from N897 per litre in Abuja and from N868 to N998 per litre in Lagos.

The price of petrol has risen by over 430 per cent from May 29 when President Bola Tinubu took over power and made the announcement that “fuel subsidy is gone.”

Speaking on the latest fuel price increase while addressing journalists in Abuja, the Senate President said the nation’s oil and gas sector had been fully deregulated, hence market forces would determine the price of petrol.

He told Nigerians to spend less pending the time the supply of the products would increase across the country.

“On the recent increase in pump price of petroleum, I haven’t actually assessed what is happening in terms of pump price increase, but it’s not pump price increase, it’s deregulation.

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“If you are taking away the consumer subsidy and then you want people to pay for the actual price of what we consume, it means if you have five cars you will now use one or two.

“It simply means that you are going to stop the idea of subsidy in order to make sure that the monies are used for other things. So I don’t expect any increase in pump price.

“I will expect the market forces to determine prices. I would expect that now that the NNPC is no longer going to bring petroleum products into the country, it means those who have the capacity will bring it and the more the products are available, the cheaper the price,” he said.

Furthermore, Akpabio said no one should expect cheap petrol for the time being, even with the coming on stream of the Dangote Refinery and the other ones that are likely to spring up.

“So at the beginning, it may seem to be an increase in pump price, but I believe strongly that with the production from Dangote and other refineries when they become functional and the fact that it is now open to all to bring in products into the country, I can assure you that we may not even see lower pump prices.

“So please let’s not dwell on the increase in pump price. We will assess it and if there is need for us to intervene we will intervene.”

However, he assured Nigerians that the senate would ensure their comfort in the best way possible.

“There is no point offering services to Nigeria if we are not prepared to improve on the lot of Nigerians.  The 10th Senate is very prepared to change the paradigm and ensure that the future of Nigeria is better than what it is today.

“I pledge before you that working collectively, we will make legislations and the right motions and intervene with the intention to build a better future for all Nigerian children, those born and yet unborn.

“When I say that brighter days are ahead, it simply means that all the wrongs that kept the country where it is will be corrected,” he added.

Petrol price: Akpabio urges Nigerians to reduce number of cars