The Federal Government, FG, has stated that it no longer has control over fuel prices in the country, this is following the deregulation of the product in 2023. The Government, however, assured Nigerians that the fuel crisis experienced in the country will soon be a thing of the past.
This was disclosed by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Thursday.
The Minister stated this while briefing State House reporters after meeting with Vice-President Kashim Shettima. Lokpobiri was also joined at the meeting by the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.
Also in attendance at the meeting was National Security Adviser, Mallam Nuhu Ribadu.
The meeting according to source, is not unconnected with the recent hike in the price of Premium Motor Spirit (PMS).
Recall that there has been uproar following the hike in the price of petrol by marketers earlier this week.
Lokpobiri said the meeting was at the instance of President Bola Tinubu. He noted that the President was concerned about the hardship Nigerians are facing in recent times.
The Minister noted that the Federal Government was not fixing prices of fuel. He, however, assured that the prices would stabilize as soon as the product was made available.
Lokpobiri, therefore, urged Nigerians to shun panic buying. He stated that it is expected that there will be availability of petrol by this weekend.
“What is important is that products are available in the country. And we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.
“The price could be high in some areas. Much higher in some other locations. And much more higher in other areas.
“But we believe that by the time there is availability of products across the country, the price itself will stabilize.
“But what is important is that the Government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigeria to know.
“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,” the Minister said.
source: Daily Trust
Follow us for more news on our WhatsApp News Channels @
https://whatsapp.com/channel/0029VaC505jB4hdZ5Yx9g82U