The Federal Government provides Update On The Price Of petrol Details

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has clarified that fluctuations in the pump price of petrol will now be guided by international crude oil prices, following the full deregulation of the downstream sector.....KINDLY READ THE FULL STORY HERE▶

Lokpobiri made this statement during the inaugural meeting of the Petroleum Industry Stakeholders Forum (PISF) in Abuja on Thursday.

The minister emphasized that the Federal Government is no longer responsible for setting petrol prices, as deregulation has placed the determination of prices entirely in the hands of market forces.

His comments come amid concerns over a recent increase in petrol depot prices from ₦909 to ₦970 per litre, raising fears that pump prices at filling stations may soon exceed ₦1,000 per litre.

Lokpobiri said, “The whole essence of deregulation is for price to find its level. Before now, you will agree with me that every day you were hearing negative news about petrol subsidies. Today, you journalists have no negative news about petrol subsidies because it is completely deregulated, and the price will find its level.

“As oil prices rise, petrol prices will increase, and as oil prices decrease, prices will follow suit. During the Christmas season, I was in Bayelsa, and I visited different filling stations. Some stations were selling for ₦1,020, others for ₦999, while some were at ₦1,015.

“What we are focusing on, and I’ve discussed this with you and the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is ensuring quality control. The government is more concerned with availability and ensuring the right quantity is dispensed.

“If you are buying 10 litres of PMS, let it be that you are not short-changed by the retail filling station. That is where we encounter issues. With competition, consumers have a choice, which is why you don’t see long queues anymore.”