The Federal Government has described the hike in fuel price as a global issue, warning that it could worsen if the Middle East crisis persists.
The Minister of State for Petroleum Resources, Heineken Lokpobiri stated this in an interview with Newsmen on Tuesday
He said crude oil and refined petroleum products are traded globally, stressing that Nigeria could not operate in isolation or arbitrarily regulate prices without reintroducing fuel subsidy.
According to him, President Bola Tinubu’s administration does not have the power to reduce or increase petrol prices,
The minister also defended the President’s decision to announce the removal of fuel subsidy on his inauguration day, saying the move was made at the right time.
He further stated that the removal of the subsidy had saved the country significant funds that could be invested back into the economy.
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