The Central Bank of Nigeria said it had little or no control over the price of fuel or foreign exchange rate.

A principal manager with the CBN, Osagie Clement, stated this when he appeared before the House of Representatives ad-hoc committee investigating the recent hike in the price of fuel.

According to Clement, the demand for PMS has gone down by 30 per cent due to its low demand following the price hike.

He further added that every month, 150 million dollars is spent on PMS importation from the CBN intervention even as he urged the Federal Government to discourage importation and encourage local production, which he said would reduce the current challenges.

Also speaking, the Executive Director, of distribution systems of the Nigeria Midstream and Downstream Petroleum Regulatory Agency, Ogbugo Ukoha, told the ad-hoc committee that the market forces of demand and supply determine the price of PMS.

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