Energy Cost Is Global, Tinubu Govt Has No Power To Control Fuel Price – Minister
Lokpobiri said petrol prices follow global market forces and that lowering them would require a return to subsidy.
- On Monday, Dangote Refinery reduced its gantry price by ₦25 to ₦1,325 per litre, ending a two-week run of price increases as global crude oil markets declined.
- Brent and West Texas Intermediate crude prices declined by over 3 per cent to $100.50 and $92.43 per barrel respectively, driving the refinery's adjustment amid global market pressures.
- Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association, stated demands for ₦500 per litre fuel are "practically impossible" given current market realities at Tuesday's stakeholder consultation.
- Minister of State for Petroleum Resources Heineken Lokpobiri stated on Tuesday that President Bola Tinubu's administration cannot regulate fuel prices, as the downstream sector remains fully deregulated per global standards.
- Energy prices remain consistent globally because oil is a commodity, Lokpobiri argued, warning that Middle East instability may prevent price declines, affecting purchasing power across Nigeria, America, and Europe.
28 Articles
28 Articles
Petrol depot prices drop, pump price cuts loom
By Udeme Akpan, Energy Editor Petrol prices fell by as much as N24 per litre at major depots in Lagos on Tuesday, while other markets recorded smaller reductions, raising expectations that filling stations could begin cutting pump prices as they replenish their stocks. The development came amid a decline in international crude oil prices, with […]
BREAKING: Dangote Refinery reduces fuel price as crude oil price falls
Dangote Refinery has reduced its Premium Motor Spirit, PMS, gantry price as crude oil prices fell further on Monday. A market survey by DAILY POST showed that the 700,000-barrel-per-day refinery adjusted its fuel price to N1,325 per litre from N1,350. This means that the mega refinery cut its fuel price by N25 per litre in its latest petrol price reduction. The development comes as Brent and West Texas Intermediate, WTI, crude prices declined by…
Coverage Details
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
