Taiwo Oyedele, minister of finance and coordinating minister of the economy, says the federal government is engaging oil marketers and regulators to ensure reductions in global crude oil market prices are reflected more transparently in the pump price of fuel.
Oyedele said the government is seeking a balance between protecting consumers and allowing operators in the downstream sector to remain commercially viable.
The minister spoke to journalists on the intervention after the federal executive council (FEC) meeting, presided over by President Bola Tinubu on Monday.
He said marketers are often quick to raise pump prices when crude oil prices increase because of replacement costs, but slower to reduce prices when crude prices fall due to existing inventory.
“We are working to strike a balance between ensuring operators remain commercially viable and protecting Nigerians from unfair pricing,” Oyedele said.
Oyedele’s comments on the issue come a
