Energy cost is global, Tinubu govt has no power to control fuel price –Minister
With Nigerians grappling with rising petrol prices, the Minister of State for Petroleum Resources, Heineken Lokpobiri, has described the situation as a global issue, warning that it could worsen if the Middle East crisis persists. He said the difficulties Nigerians are facing with their purchasing power due to high petrol prices are also affecting Americans […] The post Energy cost is global,…
As Nigerians continue to struggle with soaring petrol prices, the Minister of State for Petroleum Resources, Heineken Lokpobiri, has emphasized that the issue is a global one. The minister warned that the ongoing crisis in the Middle East could exacerbate the problem, and that energy prices are unlikely to decrease due to the global nature of oil and gas trading.
Speaking to Channels Television's Politics Today, Lokpobiri explained that the difficulties Nigerians face in their purchasing power are shared by Americans and Europeans, as energy prices are consistent worldwide. He stressed that Nigeria cannot operate in isolation and cannot unilaterally regulate prices without reintroducing fuel subsidies.
When asked if President Bola Tinubu's administration has the ability to adjust petrol prices, Lokpobiri firmly stated that they do not, as the market is completely deregulated in accordance with global best practices.
Written by urgent.news from The Chronicle Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
