Minister Lokpobiri says petrol price rise is global, Nigerians cannot control it
Minister Heineken Lokpobiri said on Channels Television’s Politics Today on Tuesday that the rise in petrol prices is a global issue driven by the Middle East crisis, and that Nigerians cannot control prices because the sector is fully deregulated in line with global standards. He emphasized that oil and gas prices are the same worldwide, whether sold in New York or Nigeria, and that Nigeria cannot arbitrarily regulate prices without reintroducing fuel subsidy.
The minister warned that if the Middle East crisis persists, energy prices could rise further, continuing to erode purchasing power for Nigerians just as it does for Americans and Europeans. He defended President Bola Tinubu’s decision to remove the fuel subsidy on inauguration day, saying it was made at the right time and prevented Nigeria from facing a situation like Venezuela, adding that the move has saved significant funds that could be reinvested in the economy.
Lokpobiri noted that crude oil and refined petroleum products are traded globally, and that Nigeria operates within that market. Will you adjust your budget for continued high fuel prices, or look for alternatives such as CNG conversion?