The minister explains that despite the ongoing debate, Tinubu’s government has not increased fuel prices. Get the full clarification here.
On Thursday, Heineken Lokpobiri, Minister of State (Oil) Petroleum Resources stated that the rise in petrol prices across the nation was not caused by President Bola Tinubu’s administration.
Lokpobiri stressed during a press briefing following his meeting with Vice President Kashim Shettima that the petroleum industry has been deregulated, which implies that fuel prices are no longer determined by the government.
Lokpobiri clarified that market forces are now responsible for determining prices due to industry deregulation. The focus is to guarantee widespread availability of petroleum products, with the expectation that stabilized pricing will ensue once this goal has been achieved.
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The public was reassured by the minister that Vice President Shettima has been directed by President Tinubu to tackle the prevailing challenges faced by Nigerians.
Lokpobiri states that the aim of the government is to enhance product availability, resulting in stabilized prices.
Furthermore, Lokpobiri stated that Shettima called for a meeting with Mele Kyari – the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL) and Malam Nuhu Ribadu – the National Security Adviser to discuss about the increase in price.
The situation was also commented on by Mugo Kalu Okuoha, who serves as the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Okuoha pointed out that there are regulatory measures in place to stabilize petrol supply and prices. These efforts entail extending operational hours at loading depots, fast-tracking vessel clearances, and promoting local refining as a means of enhancing the supply chain.
Okuoha added that increasing production and refining capabilities will likely result in enhanced supply and price stability.
