Nigeria's Finance Minister Addresses Fuel Price Adjustments

During a press conference following a Federal Executive Council meeting, Finance Minister Taiwo Oyedele addressed the sluggish adjustment of fuel pump prices in Nigeria. He noted that the petroleum market is often reluctant to reduce prices despite declining crude oil prices, primarily due to the necessity of selling off existing inventory acquired at higher costs.

Oyedele assured that the Nigerian federal government is committed to finding a balance that protects consumers while ensuring businesses remain commercially viable. He disclosed that two relevant regulatory agencies, the Federal Competition and Consumer Protection Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, are working to address concerns regarding market exploitation.

Additionally, Oyedele mentioned various interventions by the Tinubu administration, including the suspension of value-added tax, excise duties, and surcharges on petroleum products. He also highlighted the government's investment in transport and agriculture, amounting to a total of 2.96 billion, aimed at reducing transport costs and providing affordable alternatives to petrol-powered vehicles.