Dangote Refinery: “I Don’t Expect Any Increase in Fuel Pump Price” – Senate President Akpabio

Senate President Godswill Akpabio has expressed optimism that there will be no further increase in the pump price of fuel in Nigeria, following a recent shift in the supply arrangements for petroleum products.

Akpabio noted that the Nigerian National Petroleum Company Limited (NNPCL) has ended its exclusive purchase agreement with Dangote Refinery, opening the door for other fuel marketers to procure products directly from refineries. This, he believes, will stabilize the market and potentially lower fuel prices through increased competition.

Speaking during the inauguration of the upgraded Senate Press Corps Centre at the National Assembly in Abuja, Akpabio emphasized the role of market forces in determining fuel prices moving forward. “I don’t expect any increase in pump price,” Akpabio stated, adding that with the NNPCL no longer the sole importer of petroleum products, competition among suppliers should drive down costs.

His remarks come in the wake of the NNPCL’s recent price adjustment, which saw the retail price of petrol rise to N1,030 per litre from N897 in the Federal Capital Territory (FCT). Despite this, Akpabio remains hopeful that with the Dangote Refinery and other refineries coming online, the availability of products will improve, leading to more affordable fuel prices.

He further assured that if any unexpected price increases occur, the government is ready to assess the situation and intervene if necessary. Akpabio reiterated that the removal of fuel subsidies is part of ongoing deregulation efforts, aimed at allowing market-driven pricing while redirecting funds from subsidies to other critical areas of development.

“If we stop subsidies, consumers will pay the true cost of what they consume,” Akpabio said, encouraging citizens to adjust consumption patterns accordingly.