Energy Cost Is Global, Tinubu Govt Has No Power To Control Fuel Price – Minister
He said the difficulties Nigerians are facing with their purchasing power due to high petrol prices are also affecting Americans and Europeans. The post Energy Cost Is Global, Tinubu Govt Has No Power To Control Fuel…
Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri, says the government cannot directly control petrol prices because energy prices are influenced by global market conditions. He explained that international events, including geopolitical tensions and changes in crude oil prices, affect the cost of petroleum products in Nigeria even with increased domestic refining.
The comments come amid renewed increases in petrol prices, with some filling stations selling petrol for around ₦1,400 to ₦1,500 per litre. The government maintains that Nigeria’s deregulated downstream petroleum market allows prices to respond to market forces rather than being fixed by government.
The debate centres on how much influence the government still has over pump prices. While officials point to global market forces and deregulation, critics argue that government policies, taxation, regulation and crude-supply arrangements can still affect the final price consumers pay.