The Minister of Petroleum Resources for state, Heineken Lokpobiri, has said that it is expected that there will be availability of Premium Motor Spirit, otherwise known as petrol, by the weekend.
This was said by the Minister following a meeting at the State House on Thursday with the Vice President Shettima, Mele Kyari, the Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited, and Mugo Okuoha, the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Lokpobiri said the president ask the vice president to sought for the meeting because he was worried about the pain that Nigerians were going through.
Explaining that the government was not fixing prices and that they will stabilize as soon as the product was made readily available, he urged Nigerians to refrain from buying in a panic.
He said in some locations, the price could be high, and in some places, significantly more expensive than you know in other areas. However, we think that the prices would have stabilized by the time the products become accessible across the whole country.
He added by saying that in an economy that has been deregulated, prices are not set by the government; instead, they are considered to resolve in response to product availability.
“There shouldn’t be any a panic buying since there is sufficient product in the nation to satisfy Nigerians’ wants. Also, we think Nigerians should be aware that price fixing is not done by the government. I want to make sure Nigerians recognize that,” he said.
At 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 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 (sic).”
He added that the government does not fix prices in a deregulated sector, and they believe prices will stabilize with the availability of products.
“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 the government is not fixing prices. That is what I want to convey to Nigerians,” he stated.
The Executive Director of the NMDPRA, Mugo Okuoha also told State House correspondents that regulatory efforts were now geared towards stabilizing supply, with a resultant impact on price stability.
Read related news:Hike In Pump Price Will Worsen Workers’ Poverty, TUC President
- Dangote Refinery Roll Out Petrol, AGO, Present Quality Sample To Nigerians
- Brutal Assault On Nigerians,’ PDP Demands Reversal Of Petrol Price Hike
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 stabilizing 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 refinance, because with increased production from them, indeed, as the minister has said, there will be higher supply, which will stabilize the price. That’s the effort that the regulator is making”, he cited
