Irreducible Eminent:(Text of The Press Conference Addressed by The HMIC, Alh. Lai Mohammed, on The Recent Increases in Petrol and Electricity Prices) PROTOCOL Gentlemen of the press, good afternoon, and thank you for honouring our invitation to this press conference, which we have called to address the recent issues surrounding the price of fuel and electricity tariff. FUEL PRICES 2. As you are aware, the long-drawn fuel subsidy regime ended in March 2020, when the Petroleum Products Pricing Regulatory Agency (PPPRA) announced that it had begun fuel price modulation, in accordance with prevailing market dynamics, and would respond appropriately to any further oil market development. 3. Recall that the price of fuel then dropped from 145 to 125 Naira per litre, and then to between 121.50 and 123.50 Naira per litre in May. With the low price of crude oil then, the cost of petrol, which is a derivative of crude oil, fell, and the lower pump price was passed on to the consumers to enj...