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Despite the instability in the world’s oil markets brought on by growing geopolitical tensions in the Middle East, the Federal Government has said that it will not step in to control gas prices.
In an interview with Channels Television on Wednesday, Wale Edun, the Minister of Finance, said that the government would instead implement policies to lessen the impact of rising energy prices on Nigerians.
Edun stated that rather than meddling in the market-driven price of petroleum goods, the government will take steps like increasing the usage of compressed natural gas for automobiles.
He claims that 100,000 more compressed natural gas conversion kits have already been approved by President Bola Tinubu to assist drivers in transitioning from gasoline to CNG.
He clarified that CNG is a more cost-effective option because it only costs 25–30% of the price of gasoline.
“The regulator intervenes when there is market failure,” Edun stated. However, we are trying to manage the interruption in terms of price balance, and we are unsure of how long-term or short-term it may be.
“But in the interim, we’ll look at every other measure we have that can help the cost of living for Nigerians, rather than going back and taking backward steps.”
Global oil markets are experiencing severe volatility as a result of the Middle East turmoil.
On March 9, crude oil prices reached their highest point since July 2022, surpassing $100 a barrel. The next day, they fell to $87.
Nigeria’s crude oil and gas prices, money flows, financial markets, and international logistics and supply costs might all be impacted by the violence, the Ministry of Finance has previously cautioned.
Pump prices have increased nationwide as a result of the jump in crude oil prices and the growing cost of ex-gantry gasoline.
Transportation prices have increased as a result; on certain important routes, fares have allegedly doubled.
Edun pointed out that the Dangote refinery and other private sector companies’ price changes are a reflection of current market conditions.
Following three previous rises, the Dangote refinery lowered its ex-gantry petrol price to N1,075 per litre on Tuesday.
Pump prices at gas stations are still high despite the decrease.
In response to the development, Edun stated that under the government’s market-based pricing strategy, the variations were a typical aspect of market dynamics.
“Dangote lowered their price from, I believe, around N1,200 to just over N1,000 to N1,050, and that’s the dynamics of the market,” he stated.
“But I believe we should be grateful right now for Nigeria’s ability to refine crude into petrochemicals and petroleum products.”
According to the minister, Nigeria’s present energy sector resilience is mostly attributable to increasing local refining capacity, especially as a result of private sector investments.
In particular, he recognized the contribution of Aliko Dangote, President of the Dangote Group, whose refinery has started to provide petroleum products locally.
Edun went on to say that in order to guarantee a consistent supply of petroleum products, Nigeria must assist its own refiners.
America is currently in a hurry to build another refinery. Without that ability, Pakistan and Thailand are practically shutting down their economies, societies, schools, and sending people back home, he said.
In the meanwhile, the African Democratic Congress has called on the Federal Government to impose a temporary cap on gas prices in order to stop further hikes that would make life in Nigeria more expensive.
The party recommended that the cap be time-bound and intended to safeguard customers in light of the current uncertainties surrounding the world’s energy supply.
