By Idowu Bankole
The Nigerian Presidency has clarified its stance on the ongoing price dispute between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery, stating that both entities operate independently in a deregulated market. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, emphasized that the government cannot intervene in the dispute as both companies are private entities.
Minister for Petroleum Resources, Senator Heineken Lokpobiri, also reiterated that the government is not responsible for fixing prices in the deregulated sector. He highlighted the availability of products across the country as a key factor in stabilizing prices.
Onanuga further explained that under the Petroleum Industry Act, NNPCL functions autonomously despite government ownership. He mentioned the government’s plan to promote alternative energy solutions like Compressed Natural Gas (CNG) as a cheaper option for consumers, subsidizing conversion costs for vehicles.
By focusing on deregulation and promoting alternative energy sources, the government aims to provide consumers with more cost-effective options amidst the ongoing fuel pricing debate.
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