The President of the Senate, Godswill Akpabio, has defended the latest hike in the price of premium motor spirit (PMS), attributing it to the deregulation of the oil and gas sector.
He said that the fluctuation in the price of the commodity is caused by market forces.
Speaking at the commissioning of the remodelled Senate Press Corps at the National Assembly in Abuja, the Senate President said the decision of the Federal government to withdraw subsidy on petrol and deregulation of the downstream sector are responsible for increment.
He also revealed that the 10th National Assembly under his leadership is currently monitoring the situation following the increment, and would react accordingly.
He however expressed confidence that Nigeria will come out of its current challenges, urging citizens not to lose hope .
The Senate President maintained that parliament will continue to monitor events and will take the right approaches in ensuring that the right things are done .
By Kingsley Joshua @Independent
