Heineken Lokpobiri, Nigeria's Minister of State for Petroleum, clarified that the federal government does not fix petrol prices as the sector is deregulated. He assured citizens of adequate supply, urging against panic buying, and stated that prices will stabilize with improved product availability across the country in the coming days.
Heineken Lokpobiri, the Minister of State for Petroleum Resources, has clarified that the federal government does not set petrol prices, asserting that the market operates under a deregulated framework. This statement follows a recent meeting with Vice President Kashim Shettima and Mele Kyari, the Group CEO of the Nigerian National Petroleum Company (NNPC), aimed at addressing the rising petrol prices.
In a press briefing after the discussions, Lokpobiri expressed confidence that petrol prices will stabilize as product availability improves across the country. “The key point is that we are not involved in price-fixing; this sector has been deregulated,” he emphasized.
He urged citizens to refrain from panic buying, reassuring them that there is sufficient petrol supply to meet the demand. The NNPC's recent price adjustment saw petrol increase from approximately N600 to N855 per litre, which has raised concerns among consumers and impacted various sectors.
Lokpobiri acknowledged that while prices might vary in different regions, the overall supply is set to increase. He stated that by the weekend, there should be a noticeable improvement in availability, which he believes will lead to a natural stabilization of prices. This assurance aims to alleviate concerns about ongoing petrol shortages and their effects on daily life and business operations in Nigeria.
