Senate President Godswill Akpabio has signaled that the Senate may intervene in response to the increasing petrol prices imposed by the Nigerian National Petroleum Company Limited (NNPCL). Speaking after a plenary session, Akpabio explained that the price hike is a result of the oil sector’s deregulation, marking the end of fuel subsidies and allowing for the reallocation of funds to other sectors.

While acknowledging that deregulation may cause a temporary spike in pump prices, Akpabio expressed confidence that market dynamics, along with increased local production from refineries like Dangote’s, would eventually stabilize and lower prices. “The Senate is monitoring the situation, and if necessary, we will step in to protect Nigerians from any adverse effects,” he assured.