With Nigerians grappling with rising petrol prices, the Minister of State for Petroleum Resources, Heineken Lokpobiri, has described the situation as a global issue, warning that it could worsen if the Middle East crisis persists.

He said the difficulties Nigerians are facing with their purchasing power due to high petrol prices are also affecting Americans and Europeans.

The minister also said crude oil and refined petroleum products are traded globally, stressing that Nigeria cannot operate in isolation or arbitrarily regulate prices without reintroducing fuel subsidy.

Asked if President Bola Tinubu’s administration does not have the power to reduce or increase petrol prices, the minister replied in the negative.

Blaze 91.5 FM