Senate President Godswill Akpabio has attributed the recent increase in petroleum pump prices to the deregulation of the sector, rather than a direct price hike. Speaking on the issue, Akpabio explained that the removal of consumer subsidies means Nigerians are now paying the actual market price for fuel.
He elaborated on the impact of the change, noting that it could lead to a reduction in fuel consumption.
He said, “I haven’t actually assessed what is happening in terms of pump price increase, but it’s not a pump price increase, it’s deregulation.
“If you are taking away the consumer subsidy and then want people to pay 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 to make sure that the money is used for other things. So, I don’t expect any increase in pump price.”
Akpabio…
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