The President of the Senate, Senator Godswill Akpabio, has stated that the Senate will consider intervening in the recent hike in the pump prices of Premium Motor Spirit (PMS), commonly known as petrol, by the Nigerian National Petroleum Company Limited (NNPCL), if the need arises.
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This follows the increase in petrol prices at NNPCL retail stations to N1,030 per litre in Abuja, up from N897/litre, and to N998/litre in Lagos, from N868/litre.
Addressing the issue during the commissioning of the new Press Centre for Senate Correspondents, Akpabio said, “I haven’t fully assessed the situation regarding the pump price increase, but it’s not exactly an increase—it’s a reflection of deregulation.”
He explained that the removal of subsidies means consumers will pay the actual market price of petrol, which could initially feel like an increase. However, he expressed optimism that once the market stabilizes, particularly with more supply from the Dangote refinery and other sources, prices may reduce.
“At the start, prices may seem to increase, but with the production from Dangote and other refineries, and the open market allowing competition, we may see prices drop. If we need to intervene, we will.”
Akpabio urged people not to focus solely on the price hike but assured that the Senate would assess the situation and act if necessary.
On the commissioning of the Press Centre, the Senate President urged journalists to report accurate and constructive information, emphasizing the importance of media in shaping Nigeria’s future.
Akpabio concluded by reaffirming the Senate’s commitment to legislative actions aimed at improving the country and ensuring brighter days ahead for all Nigerians.
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