Senator Godswill Akpabio, President of the Senate, has announced that the Senate may consider intervening in the recent surge in pump prices of Premium Motor Spirit (PMS), commonly known as petrol, by the Nigerian National Petroleum Company Limited (NNPCL), if deemed necessary.
The announcement comes in light of petrol prices increasing to N1,030 per litre in Abuja, up from N897, and to N998 per litre in Lagos, rising from N868.
During the commissioning of the new Press Centre for Senate Correspondents, Akpabio stated, “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 now pay the actual market price for petrol, which might initially appear as a price hike. However, he remained hopeful that as the market stabilizes, particularly with the anticipated supply from the Dangote refinery and other sources, prices may decrease.
“At the start, prices may seem to increase, but with 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 assured.
The Senate President urged the public to look beyond the immediate price increase and emphasized that the Senate would assess the situation and take action if necessary.
In his address regarding the Press Centre commissioning, Akpabio encouraged journalists to prioritize accurate and constructive reporting, underscoring the media’s critical role in shaping Nigeria’s future. He concluded by reaffirming the Senate’s commitment to legislative measures aimed at improving the nation and ensuring a brighter future for all Nigerians.