In a bid to ease the financial burden on Nigerians, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has announced that the government will allow key players in the petroleum sector, including Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL), the opportunity to lower the price of fuel.
Speaking at a press briefing on Monday, Edun emphasized the government’s commitment to reducing the cost of Premium Motor Spirit (PMS), commonly known as petrol, which has significantly impacted the economy since the removal of fuel subsidies.
“We are in discussions with key stakeholders like Dangote Refinery and NNPCL to explore ways to bring down the cost of fuel for Nigerians. Our aim is to give them a fair chance to implement measures that would lead to a reduction in fuel prices,” Edun said.
He further explained that the government understands the current economic hardship faced by citizens, particularly due to the rising cost of living. “The goal is to ensure that we create an environment where essential commodities like fuel are accessible and affordable for all Nigerians,” he added.
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According to Edun, ongoing negotiations with petroleum companies are aimed at achieving a fair pricing mechanism that benefits consumers while ensuring profitability for suppliers. He assured the public that the government will monitor the process to ensure that any potential reduction in fuel prices does not compromise the quality and availability of the product.
This statement comes shortly after the Dangote Refinery began distributing its first batch of fuel, with hopes of stabilizing supply and eventually driving down costs. Industry experts predict that a reduction in fuel prices will have a ripple effect, bringing relief to Nigerians who have been grappling with rising transport and production costs across sectors.
