Senate President Godswill Akpabio has suggested that the Senate might intervene in the rising petrol pump prices in Nigeria, which were recently adjusted by the Nigerian National Petroleum Company Limited (NNPCL). Akpabio, while addressing state correspondents after a Senate plenary, mentioned that he is yet to fully assess the situation but attributed the price hike to the effects of deregulation.
He explained that deregulation involves removing subsidies to redirect funds for other uses. Akpabio expressed his expectation that pump prices should not increase significantly in the long run, particularly with the increased production capacity expected from the Dangote Refinery and other refineries becoming functional. He believes that market forces, as opposed to government intervention, should dictate prices, and as supply increases, prices may stabilize or even drop.
However, he assured the public that if necessary, the Senate would intervene to address any serious issues that might arise regarding fuel prices.
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