The Minister of State for Petroleum Resources, Heineken Lokpobiri, has stated that fluctuations in petrol prices will now be directly linked to the price of crude oil in the global market, following the full deregulation of the downstream sector....Read Full Article >>➤
Speaking at the first meeting of the Petroleum Industry Stakeholders Forum (PISF) in the capital city on Thursday, Lokpobiri clarified that the government is no longer responsible for regulating petrol prices, as the market forces now dictate the prices.
His remarks come amid growing concerns over a recent increase in the petrol depot price, which has risen from ₦909 to ₦970 per litre, leading to fears that pump prices at stations could soon exceed ₦1,000 per litre.
Lokpobiri explained that the purpose of deregulation is to allow prices to adjust based on market conditions. “With deregulation, petrol prices will fluctuate depending on the international oil price,” he said. “When oil prices rise, petrol prices will rise; when oil prices fall, petrol prices will follow suit.”
He also shared his personal experience during a recent visit to Bayelsa during the festive season, where he observed petrol prices at various stations ranging between ₦999 and ₦1,020 per litre.
The Minister emphasized that while the government is no longer involved in pricing, it remains committed to ensuring quality control, availability, and accurate measurements. “We want to ensure that consumers are not shortchanged when purchasing petrol. When you buy 10 litres of fuel, you should get exactly that amount,” he said, adding that competition in the market ensures that consumers have choices, which helps avoid long queues at filling stations.
The Petroleum Industry Stakeholders Forum (PISF), which is modeled after the Bankers’ Committee, aims to provide a platform for oil and gas industry leaders to engage and address sector-related issues constructively. ...Read Full Article >>➤
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