The Federal Government has urged a fuel price slash, saying Nigerians should benefit from the recent drop in global crude oil prices.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said marketers quickly increased fuel prices when crude oil climbed to about $118 per barrel. Therefore, he argued that a fuel price slash should also follow now that crude oil has fallen to around $70 per barrel.
According to the minister, international markets may not record immediate price reductions because refined petroleum products currently on sale were produced from crude oil bought when prices were much higher. As a result, the impact of lower crude oil prices may take time to reflect in those markets.
However, Lokpobiri maintained that the same explanation should not apply in Nigeria. He stressed that Nigerians deserve to benefit from the decline in crude oil prices. He also urged stakeholders to ensure that the expected fuel price slash reaches consumers.
The meeting brought together officials of the Federal Government, representatives of the Dangote Refinery, petroleum marketers and regulators. They discussed pricing and other developments in the downstream petroleum sector.
Meanwhile, the minister reaffirmed the government’s commitment to ensuring that deregulation benefits Nigerians. He added that continued engagement with industry stakeholders would encourage fair pricing and protect consumers’ interests.
As stated by daily post,Ultimately, the Federal Government maintained that current market conditions support a fuel price slash in Nigeria. It urged marketers to align fuel prices with the decline in global crude oil prices so consumers can enjoy the expected relief.
