THE Minister of State for Petroleum Resources, Heineken Lokpobiri, has said that it is expected that there will be the availability of Premium Motor Spirit, otherwise known as petrol, by the weekend. The Minister stated this following a meeting with the Vice President, as well as the Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mugo Okuoha, at the State House on Thursday.
Lokpobiri said the meeting was at the instance of President Bola Tinubu, who he said was concerned about the hardship being faced by Nigerians He urged Nigerians to desist from panic buying, stating that the government was not fixing prices and the prices would stabilize as soon as the product was made available.
Reacting to questions posed to him, Lokpobiri said President Tinubu is equally worried about the developments in the energy sector, saying he is empathetic to the difficulties Nigerians are currently experiencing.
According to Lokpobiri the President has emphasized the need for immediate reflection and action to ensure stability in fuel supply and pricing.
He said the Vice President, in line with the President’s directive, is spearheading efforts to ensure that petroleum products are accessible across the country.
“This intervention is expected to address the uneven distribution of fuel, with some areas facing shortages while others experience higher prices,” he told State House reporters on Thursday.
He assured Nigerians that measures are being put in place to increase the availability of petroleum products nationwide by the end of the week.
He equally noted that while prices may vary in different regions, the government’s goal is to ensure that fuel becomes more accessible, which will ultimately help stabilize prices.
Lokpobiri, however, clarified that the federal government has no hand in setting fuel prices, as the sector remains deregulated.
He said that with increased product availability, it is expected that market forces will naturally bring prices to a more stable level.
“The administration remains committed to addressing the challenges and ensuring that the supply chain can meet the demands of all Nigerians in the coming days,” the Minister stated.
Tinubu is currently on an official trip to China where he is attending the FOCAC summit.
Recall that Nigerians woke up to fuel pump price adjustments on Tuesday, shoring the price per litre from N617 to N897.
The Executive Director of the NMDPRA, Mugo Okuoha also told State House correspondents that regulatory efforts were now geared towards stabilising supply, with a resultant impact on price stability. He added that to achieve the objective, the NMDPRA had ensured increased operating hours at loading depots and that vessels were being cleared promptly.
“All regulatory efforts are now geared towards stabilising supply, with a resultant impact that it will be positive also on the stability of price”.
“To that objective, the regulator is ensuring that there are 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 important also is the reinforcement of the support being given to local refiners, because with increased production from them, indeed, as the minister has said, there will be higher supply, which will stabilise the price. That’s the effort that the regulator is making”, he concluded.
Eighteen-Eleven Media