FG: We’re Talking With Petrol Marketers, Industry Regulators On Transparent Fuel Pricing
Federal Government says new fuel pricing consultations aim to protect consumers while ensuring marketers remain commercially viable.
Federal Government says new fuel pricing consultations aim to protect consumers while ensuring marketers remain commercially viable.
The Federal Government says it is engaging petrol marketers and industry regulators to promote a more transparent fuel pricing regime, as it approved major infrastructure, health and youth development initiatives at Monday’s Federal Executive Council (FEC) meeting.
Briefing journalists after the meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said consultations are ongoing with market operators and regulators to ensure pump prices reflect prevailing global crude oil prices in a fair and balanced manner.
“We are working to strike a balance between ensuring operators remain commercially viable and protecting Nigerians from unfair pricing,” Oyedele said.
He noted that marketers often adjust pump prices quickly when global crude oil prices rise but respond more slowly to price declines because of existing stock purchased at higher costs.According to him, the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are already addressing the issue within the framework of the Petroleum Industry Act (PIA).
Oyedele added that the Tinubu administration’s suspension of Value Added Tax (VAT), excise duty and surcharges on petroleum products has helped cushion the impact of global energy price increases, while urging transport operators benefiting from the Presidential Compressed Natural Gas (CNG) Initiative to pass the resulting savings on to commuters.
The Council also approved reforms to the National Youth Service Corps (NYSC), with Minister of Youth Development Ayodele Olawande announcing that the scheme will henceforth be civilian-led while retaining its one-year duration.
He said the reforms introduce flexible, skills-based professional training programmes aimed at improving corps members’ employability and self-employment opportunities, while the military will continue to provide security for corps members nationwide.
Special Adviser to the President on Policy Coordination, Hadiza Bala-Usman, clarified that only the operational leadership of the NYSC would become civilian-led, while security responsibilities would remain with the military.
To give legal backing to the reforms, the FEC directed the Attorney-General of the Federation, in collaboration with the Ministry of Youth Development, to amend the NYSC Act.The Council also approved the establishment of a National Snakebite Treatment and Research Centre as part of health sector interventions valued at about ₦73.9 billion.Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, said the centre would provide specialised treatment, conduct research, ensure sustainable access to quality antivenom and collaborate with international institutions.
He disclosed that Nigeria records an estimated 43,000 snakebite cases annually, particularly across the North-East, North-West and North-Central regions.
The Council further approved ₦6.9 billion for 10 compressed natural gas-powered mobile blood donation clinics, ₦62 billion for tuberculosis commodities and about ₦5 billion for reproductive health and family planning commodities.
In the infrastructure sector, FEC approved ₦2.078 trillion for 23 road projects across Adamawa, Taraba, Ebonyi, Kwara, Cross River, Kogi, Lagos, Niger, Oyo and Plateau states.Minister of Works Dave Umahi said the approvals include reconstruction and rehabilitation of strategic road corridors to improve connectivity and stimulate economic activity.He added that FEC also approved reconstruction of about 400.9 kilometres of federal roads under a ₦1.8325 trillion tax credit arrangement with the Dangote Group, ratified additional funding for road projects in Yobe and Adamawa states, and approved procurement for reconstruction of deteriorating sections of the Lagos-Ibadan Expressway using concrete pavement technology.
Umahi further disclosed that the first 118-kilometre section of the Abuja-Kaduna-Kano highway has been completed, while the remaining section is expected to be delivered in November.The Council also approved ₦34.398 billion for the construction of an airstrip in Gboko, Benue State.
Minister of Aviation and Aerospace Development Festus Keyamo said the project would support agriculture, security operations, humanitarian activities and emergency medical services.FEC also approved maritime infrastructure and safety projects worth about ₦286 billion.
Speaking on behalf of the Minister of Marine and Blue Economy, Environment Minister Balarabe Lawal said the approvals include two pollution-control vessels, six pilot cutter boats, two firefighting boats and dredging of the Escravos Channel under a public-private partnership to improve navigational safety, port efficiency and environmental protection.
