JUST IN: FG Gives Fresh Update On Price Of Fuel
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has clarified that petrol pump prices in Nigeria will now fluctuate in line with global crude oil prices, following the full deregulation of the downstream petroleum sector. Speaking during the inaugural meeting of the Petroleum Industry Stakeholders Forum (PISF) in Abuja, Lokpobiri emphasized that the Federal Government no longer determines petrol prices, as market forces now dictate pricing.
His comments come amid public concern over a recent hike in depot prices from ₦909 to ₦970 per litre, which has raised fears that pump prices could exceed ₦1, 000 per litre. Lokpobiri noted that deregulation has eliminated issues associated with fuel subsidies, allowing prices to adjust based on crude oil costs.
” The essence of deregulation is for prices to stabilize according to market dynamics, ” the minister said. ” Previously, there was constant negative news about fuel subsidies. Now, with deregulation, such issues have disappeared. Petrol prices will increase when crude oil prices rise and decrease when crude oil prices fall. During the Christmas season, I observed petrol stations in Bayelsa selling at varying prices— ₦1, 020, ₦999, and ₦1, 015— reflecting market competition. ”
JUST IN: FG Gives Fresh Update On Price Of Fuel| image 7
Lokpobiri stressed that the government’ s primary focus is on ensuring quality control, availability, and accurate fuel dispensation at retail outlets. He emphasized the importance of protecting consumers from being short- changed. ” If you’ re buying 10 litres of petrol, it must be exactly 10 litres. That’ s where the government is particularly concerned, ” he said.
He added that competition in the market has provided consumers with options, eliminating the long queues that were common under the subsidy regime.
The minister also explained that the Petroleum Industry Stakeholders Forum (PISF), modeled after the Bankers’ Committee meetings, will serve as a platform for resolving industry challenges collaboratively. This initiative aims to foster dialogue among leaders in the oil and gas sector, ensuring better management and coordination within the industry.
