Lokpobiri: Government not fixing prices… petrol sector deregulated

Heineken Lokpobiri, minister of state for petroleum resources (oil), says the federal government is not fixing the prices of petrol as the sector is deregulated.

Earlier on Thursday, Vice-President Kashim Shettima invited Mele Kyari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, and Lokpobiri over the recent hike in the pump price of petrol.

The meeting reportedly followed a directive by President Bola Tinubu.

Speaking to journalists after the engagement, Lokpobiri said prices will stabilise with adequate product supply.

“What is important is that government is not fixing prices, this sector is deregulated,” the minister said.

“We believe that with availability of products, the price will find its level.”

Lokpobiri said products are available nationwide, adding that Nigerians will experience improved access to the commodity in the coming days.

Acknowledging that prices could be higher in some areas compared to others, he assured of normalcy as the product becomes available nationwide.

“Between now and the weekend there will be availability of products across the length and breadth of the country,” he said.

“We believe that by the time there is availability of products across the country, the price itself will stabilise.”

Lokpobiri urged Nigerians not to resort to panic buying, as there is sufficient petroleum product to meet demand.

On September 3, the NNPC increased the price of petrol across its retail outlets.

TheCable had observed that the price of the product was increased to N855 per litre — from about N600 — at an NNPC filling stations in.

The upward adjustment was amid a petrol scarcity which continues to strain business activities nationwide.