The Federal Government has ruled out intervening to control petrol prices despite rising geopolitical tensions in the Middle East that are already pushing volatility in global oil markets.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the government would not tamper with market-based pricing of petroleum products, stressing that intervention would only be considered as a last resort.

Speaking during a monitored broadcast  interview. Edun said, “Rather than now reverting back and taking a backward step, we will look at every other measure that can help the cost of living of Nigerians without resorting to non-market pricing.”

He explained that the current administration’s economic philosophy prioritises market-based pricing mechanisms for petroleum products and foreign exchange, describing them as key reforms introduced by President Bola Tinubu to remove long-standing distortions in the economy.

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