The Senate President, Godswill Akpabio, assured Nigerians that they would not face further increases in fuel prices, as the Nigerian National Petroleum Company Limited (NNPC Ltd) has ended its exclusive purchasing deal with Dangote Refinery. This move now allows other marketers to buy fuel directly from the refinery.

Mr. Akpabio made this statement while commissioning the newly renovated Senate Press Corps Centre at the National Assembly in Abuja on Thursday.

Fuel prices recently surged to N998 and N1,030 per litre at various NNPC Ltd outlets in Lagos and Abuja, respectively.

The Senate President stated that with this recent development, fuel prices should stabilize, and there would be no further hikes since the increased supply across the country would lead to better distribution.

He emphasized that the more fuel is available, the lower its price will be.

“I don’t expect any increase in pump prices. I expect market forces to determine the price. Now that NNPCL is stepping back from bringing in petroleum products, others with the capacity will step in. As supply increases, prices will naturally decrease,” Akpabio explained.

He also mentioned that the National Assembly might step in if another fuel price hike occurs.

“I assure you, you may not even see another price increase. But if it happens, we will assess the situation, and intervene if necessary.”

Mr. Akpabio further clarified that the current changes reflect deregulation, rather than compromise. “Removing the consumer subsidy means people are paying the true cost of what they consume. If you used to have five cars, you may now need to use one or two. The idea is to stop the subsidy and allocate those funds for other purposes,” he added.