The President of the Senate, Senator Godswill Akpabio, on Thursday, clarified that the recent hike in the price of fuel in the country by the Nigeria National Petroleum Company Limited (NNPCL), was not a price increase but deregulation of the petroleum sector.
Akpabio made this clarification while fielding questions from journalists at the National Assembly Complex, on the current increase, which has skyrocketed cost of transportation and goods and services across the country.
He also assured that the 10th Senate was prepared to change the paradigm and ensure that the future of Nigeria is better than what it is today, noting that there would be brighter days ahead when the wrongs afflicting the country would be made right by the present administration.
He said, “On the recent increase in pump price of petroleum products, I haven’t actually assessed what is happening in terms of pump price increase, but it’s not pump price increase, it’s deregulation.
“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 NNPCL 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.
“So at the beginning, it may seems to be increasing, but I believe strongly that with the production from Dangote and then the 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 higher 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.”
The President of the Senate said further: “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 pledged 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.
“I would say that 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.”