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The President of the Nigerian Senate, Godswill Akpabio, has declared that market forces would stabilise the price of fuel soon.
Akpabio who made the declaration during a media briefing said deregulation would not lead to significant increase in fuel price.
He explained that the removal of the petroleum subsidy is a necessary step to redirect funds to more critical areas.
Akpabio spoke in response to a question on the recent fuel prices, by the Nigerian National Petroleum Corporation Limited.
Akpabio stated that the removal of subsidy would mean that Nigerians would need to tighten their belts.
He added that an increase in product availability would eventually lead to lower prices.
-Sen. Godswill Akpabio-Senate President
