The Senate President, Godswill Akpabio, has assured that Nigerians would no longer experience increase in the price of fuel because the Nigerian National Petroleum Company Limited (NNPC Ltd) has terminated its exclusive purchase agreement with Dangote Refinery, to allow other marketers to buy the product directly from the refinery.
Mr Akpabio said this while commissioning the renovated Senate Press Corps Centre at the National Assembly, Abuja on Thursday.
The Petrol pump prices rose to N998 and N1,030 per litre on Wednesday at various outlets of the NNPC Ltd in Lagos and Abuja, respectively.
The senate president said with the recent development, the price of fuel would stabilise and there would not be any increase in the price of the product again because there would be adequate circulation the country.
He said the more the supply of fuel across the country, the cheaper its price would be.
“I don’t expect any increase in pump price. I will expect the market forces to determine. And I expect that now that the NNPCL is no longer going to bring petroleum products into the country, it means those who have the capacity will bring. And you know, the more the product is available, the cheaper the price.
“So, at the beginning, if I look at the increase. I believe strongly that in the next… with the production from Dangote and the other refineries, when they become functional, and they found that it is now open to all, they will bring in good products into the country,” Mr Akpabio said.
“I can assure you that you may not even see pump prices. If there is an increase in pump prices, we will access it, and if there is a need for us to intervene, we will do so.
“If you look at it, actually, what is happening is not compromising, it is deregulation. If you are taking away the consumer subsidy, and then you want people to pay for the actual price of what they consume, it means if you have five cars, you will now use one or two. You understand? It simply means that you are going to stop the idea of subsidy in order to make sure that the monies are use.