… we increased loading hours at depots, vessels are being cleared promptly -NMDPRA
Oredola Adeola
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has refuted claims made by the Dangote Refinery that the petrol market is strictly regulated and that pricing decisions are controlled solely by government authorities.
The Minister made this disclosure while speaking to journalists after a meeting convened by Vice President Kashim Shettima—on the directive of President Bola Tinubu—.
Lokpobiri emphasized that the downstream petroleum sector is deregulated, and that the government is not involved in fixing petrol prices.
The Minister stated, “The most important thing to convey to Nigerians is that President Tinubu is deeply concerned about the impact of the fuel crisis across the country.
“The President is empathetic to the hardship Nigerians are facing, which is why he directed the Vice President to hold this meeting to reflect on the situation,” he said.
Lokpobiri reassured the public that there is sufficient petrol in the country and that availability will improve soon.
“We believe that by the weekend, petrol will be more readily available. Prices may be higher in certain locations, but with increased supply, we expect prices to stabilize,” he added.
“It’s important to understand that the government is not setting prices. The downstream sector is deregulated, and with enough product available, market forces will naturally determine the price,” the Minister of State Petroleum Resources said.
Ogbugo Ukoha, Executive Director of Distribution Systems, Storage, and Retail Infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), echoed the Minister’s sentiments.
He explained that regulatory efforts are focused on stabilizing supply, which will, in turn, help normalize prices.
“We have increased loading hours at depots, and vessels are being cleared promptly, where safety allows, to ensure efficient distribution,” Ukoha noted.
“Additionally, we are reinforcing support for local refiners. With increased production from them, we expect a higher supply, which will help stabilize prices.”
The Minister and NMDPRA therefore urged Nigerians to avoid panic buying, stressing that efforts are underway to ensure consistent supply and price stability.
