Price Will Stabilize Once There Is Availability Of Fuel Across Nigeria, Minister Lokpobiri Assures Nigerians

By Augustine Akhilomen

The Minister of State (Oil) Petroleum Resources, Heineken Lokpobiri, has claimed that there is availability of fuel amid the scarcity and increase in the price of the product.

Lokpobiri made this known on Thursday after Vice President Kashim Shettima summoned him along with the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the National Security Adviser, Nuhu Ribadu, over the recent hike in the price of petrol.

In his words, the minister stated that by the time there is availability of products across the country, the price itself will stabilize.

“What is important is that products are available in the country,” he said.

“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 stabilized.

“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,” Lokpobiri said.

Also speaking, the Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Kalu Okuoha, said regulatory efforts were geared toward stabilising supply of petrol in the country, which he said would impact positively on stability of price.

“The objective of the regulator is to ensure that there’s increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.

“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,” said Okuoha.