In the wake of outcry by Nigerians trailing the recent hike in the price of fuel and electricity, the government has justified the development, noting that such was inevitable.
Minister of State for Petroleum Resources Timipre Sylva said market forces determine prices of petroleum products, adding that government will continue to protect the consumers.
He said: “Government is no longer in the business of fixing prices for petroleum products, we have stepped back.
“Our focus now is on protecting the interest of the consumers and making sure that marketers are not profiteering”.
Also speaking, Ogun State Governor Dapo Abiodun also defended the hike in rates.He said the fuel price hike is market forces at play in a deregulated petroleum sector, explaining the the market forces had determined what just happened.
Abiodun who made his remarks at the Aso Villa after meeting with President Buhari, said there was no way Nigerians would want both sectors to function normally without having to live with the realities of pricing and normal market factors.
“First, you want to enjoy lower prices when the prices of crude are low and then not want to pay for a slight increase when there is an increase in price of crude. The price of crude is directly proportional to the price of refined products. So, I believe that is what is happening at the moment”, Abiodun, who is a player in the oil sector said.
“In terms of the tariff increase in the electricity industry, again, we also have to decide what we want to do.
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