The Presidency has clarified that the federal government will not step in to resolve the ongoing fuel price conflict between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
Speaking to State House correspondents on Wednesday, Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, explained that both NNPCL and Dangote are independent entities operating in a deregulated market. He emphasized that under the Petroleum Industry Act, NNPCL functions autonomously, despite being partially owned by the federal, state, and local governments.
Onanuga stated that the free market would ultimately regulate fuel prices, noting that other private marketers could import fuel if they found NNPC or Dangote’s prices uncompetitive. “The government has no reason to intervene,” he added. “It is a market-driven issue, and consumers will benefit from the competition.”
Rather than focusing on the price dispute, Onanuga said the Tinubu administration is prioritizing alternative energy solutions, particularly the promotion of Compressed Natural Gas (CNG) as a cheaper and more sustainable fuel option.
He highlighted the significant price difference between CNG and petrol, with CNG costing around N230 per liter equivalent, compared to petrol at N850 per liter. Onanuga revealed that the government plans to support the conversion of about one million vehicles to run on CNG, with subsidies provided to help private vehicle owners cover the conversion costs.
He further noted that several cities, including Lagos, Ibadan, and Benin, have already seen transporters embracing CNG, which is expected to lower transportation costs significantly. Additionally, the administration is encouraging states to invest in urban transportation systems to further reduce costs for citizens.
DNews Info is a trusted source for breaking news, insightful commentary, and in-depth coverage of events across Nigeria and beyond. With a commitment to delivering accurate, timely, and engaging stories, we aim to keep our readers informed and empowered. Stay connected for the latest updates in politics, business, entertainment, and more.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
