The Minister of Finance, Taiwo Oyedele, explained the apparent reluctance of petroleum marketers to lower the price of Premium Motor Spirit, despite a decline in crude oil prices.
During a press conference following the Federal Executive Council meeting on Monday, the Finance Minister noted that marketers often hesitate to reduce prices because they need to sell off existing inventories that were purchased at higher costs.
He assured Nigerians that the Federal Government is committed to finding a balance between protecting consumers and ensuring that businesses remain commercially viable.
He disclosed that two relevant regulatory agencies, the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) were working to address the concerns of ordinary Nigerians on alleged exploitation by marketers.
He also recalled various interventions by the Tinubu administration to mitigate the biting effect of high fuel prices, Oyedele listed the suspension of the payment of Value Added Tax (VAT), excise duty and the surcharge on petroleum products, amongst measures taken by the Tinubu administration.
He appealed to transport operators, whom he noted are beneficiaries of the government investments under the CNG programme, including subsidised vehicle conversion kits and other incentives, to reciprocate the government gestures by charging commuters reasonable fares.
Oyedele earlier disclosed that the Federal Government has taken a decision at the Federal Executive Council (FEC) meeting to commit total sum of $2.96 billion, €200 million and ₦215 billion to accelerate investments in transportation, agriculture, power, infrastructure and micro, small and medium enterprises (MSMEs).
He noted that the ₦215 billion will be used to complete outstanding investments under the Presidential Compressed Natural Gas (CNG) Initiative, covering the procurement of CNG buses, electric vehicles, CNG-powered tricycles and the establishment of vehicle conversion centres across the country.
According to the minister, the approvals would enable the government to complete the remaining components of the programme, which is designed to reduce transportation costs for Nigerians and provide affordable alternatives to petrol-powered vehicles.
To boost the power sector, the FEC equally approved a $160 million financing facility for rural solar energy projects in Niger State, comprising $150 million from the Islamic Development Bank and $10 million counterpart funding from the Niger State Government.
Oyedele said the initiative would expand access to clean energy and improve electricity supply in underserved communities.
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