The Minister of State for Petroleum Resources (oil) Sen. Heineken Lokpobiri has stated that the availability of supply of petrol prices will result in the stability of prices across the country.
The minister made this statement while addressing State House correspondents following a meeting with Vice-President Kashim Shettima.
Lokpobiri noted that the industry had been deregulated, and the government was no longer setting prices.
He said, “This sector is deregulated. And we believe that with the availability of products, the price will find its level.”
“What is important is that the product is available in the country; between now and the weekend, there will be availability of the product across the length and breadth of the country,”
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Lokpobiri conveyed that it was important for Nigerians to understand that the President was empathetic about the current situation in the country.
- He noted that the President was concerned about the hardships faced by citizens, which prompted him to instruct Vice President Kashim Shettima to call a meeting to reflect on the issues affecting the nation. Lokpobiri expressed optimism that once there is a steady supply of petroleum products nationwide, prices will stabilize.
- He further mentioned that Vice President Shettima had summoned him, along with the Group Managing Director of NNPCL, Mele Kyari, and National Security Adviser, Malam Nuhu Ribadu, to address the recent surge in petrol prices.
- Similarly, Mr. Ogbugo Ukoha, Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) explained that regulatory efforts were focused on stabilizing the petrol supply, which would in turn help stabilize prices.
- Ukoha emphasized the importance of extended operating hours at loading depots, prompt clearance of vessels, and longer truck-out hours where safety permits.
He also highlighted ongoing support for local refining, noting that increased production would lead to a higher supply and eventually stabilize prices.
In his words, “The objective of the regulator is to ensure that there are increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.”
“More importantly also is the reinforcement of the support being given to local refinancing, because with increased production there will be higher supply, which will stabilise the price,”
