A chieftain of the All Progressives Congress (APC), Soni Abang, has stated that President Bola Tinubu is not responsible for the recent increase in fuel prices across the country. According to him, the current pricing realities in the petroleum sector are a result of broader market dynamics and ongoing policy reforms rather than direct actions from the presidency.
Abang explained that fuel pricing in Nigeria is now largely influenced by deregulation in the downstream oil sector, where market forces, supply chains, and global crude oil trends play a significant role. He emphasized that the administration’s reforms are aimed at stabilizing the economy in the long term, even if they come with short-term economic adjustments.
He also noted that holding the president solely accountable for fuel price fluctuations reflects a misunderstanding of how the deregulated petroleum market operates. According to him, stakeholders in the sector, including marketers and regulatory frameworks, contribute significantly to pricing outcomes.
The APC, through Abang’s remarks, maintains that the policy direction of the government is focused on economic restructuring and attracting investment into the energy sector, rather than directly controlling pump prices.
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