Petrol price stability expected due to consistent supply – Lokpobiri

• Published On: 06 September 2024 at 18:54

Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, announced that the consistent supply of fuel is expected to keep petrol prices stable across the country.

This was revealed by the Minister following his meeting with Vice-President Kashim Shettima at the State House.

Lokpobiri emphasised that deregulation of the petroleum industry has taken away the government's responsibility for price setting.

As a result, he expects market dynamics to promote a more stable pricing environment throughout the country.

He explained, "This sector is deregulated. And we believe that as more products become available, the price will stabilise.

"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."

The Minister emphasised the President's deep concern about Nigeria's challenges.

He stated that the President's empathy for the current economic hardships prompted Vice President Kashim Shettima to call a meeting to discuss national issues.

Lokpobiri expressed confidence that a consistent supply of petroleum products across the country would help to stabilise fuel prices.

He assured citizens that this measure, combined with the government's current approach, aims to alleviate the financial pressures they are facing.

Meanwhile, Ogbugo Ukoha, Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, outlined key regulatory strategies aimed at stabilising petrol supply and, by extension, fuel prices.

Ukoha emphasised the agency's emphasis on increasing operating hours at loading depots, ensuring timely vessel clearance, and extending truck-out hours where safety conditions permit.

He also emphasised ongoing efforts to support local refining, stating that increased domestic production would boost supply and contribute to price stability.

"The regulator's goal is to ensure that all loading depots operate longer hours, that vessels are cleared quickly, and that safety allows for truck outs.

"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."

On Monday, fuel prices increased from N568 per litre to N897 at Nigerian National Petroleum Company Limited filling stations across the country, causing widespread outrage.