Nigeria: Petrol price will stabilise with more supply

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The Federal Government has said that with an increase in the supply of petrol, the pump price of the commodity will stabilise soon across the country.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri stated this after a meeting with Vice President Kashim Shettima at the Presidential Villa, Abuja on Thursday.

The vice president had summoned him along with the National Security Adviser (NSA), Nuhu Ribadu and

Executive Director at Nigeria Mainstream, Downstream Petroleum Regulatory Authority, Mugo Kalu Okuoha, to the villa to “reflect” on the situation in the country.

He stressed that what is important is the availability of the product, noting that President Bola Tinubu is sympathetic to what is going on.

Lokpobiri assured that government is not fixing the prices of petroleum product as according to him, the sector has been deregulated.

Asked to speak on the meeting with the vice president, the minister said:

“The vice president, and we’ve been with him to brief him about what is going on across the country.

“And what is important is for us to convey to Nigerians that the President is empathetic about what is going on in the country.

“He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country.

“What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.

“The price could be high in some other areas, much more higher in some other locations, and in some locations, much more than you know other areas.

“But we believe that by the time there is availability of products across the country, the price itself is stabilised.

“But what is important is that government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find it’s level. And this is important for Nigeria to know.

“The summary is that President is empathetic about what’s going on. That’s why he directed this meeting. There is enough product in the country to be able to meet the demands of Nigerians, there should be no panic buying.

“And we also believe that Nigerians need to know that government is not fixing prices. That is what I want to convey to Nigerians.”

Also speaking, Okuoha maintained that all effort is being made to stabilize petrol supply.

He explained: “All regulatory efforts are now geared towards stabilizing supply, with a resultant impact that it will be positive also on the stability of price.

“To that objective, the regulator is ensured that there’s increased operating hours from all loading depots, vessels are being cleared promptly and extended hours where safety can permit for truck outs as well.

“More importantly also is the reinforcement of the support being given to local refineries, because with increased production from them, we, indeed, like the minister, has said, there will be higher supply, which will stabilise the price. That’s the effort that the regulator is making.”