Rita Odafe
The Federal government, led by Tinubu, promises Nigerians that the ongoing fuel scarcity will be resolved by the approaching weekend. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, affirmed this pledge during a meeting with Vice-President Kashim Shettima and NNPCL’s Group Managing Director Mele Kyari, following President Bola Tinubu’s initiative.
Lokpobiri emphasized that the government is not setting prices and anticipates prices to stabilize once fuel supply is restored. He urged the public to refrain from panic-buying, assuring that petrol availability is expected to normalize by the weekend.
He stated, “The country will witness petroleum products becoming more readily available between now and the weekend. While prices may vary across regions, we anticipate that once the products are widely accessible, prices will settle. It is crucial to note that the government does not regulate prices.”
He emphasized, “The petroleum sector operates in a deregulated manner, and we trust that prices will adjust naturally as products become more accessible. It is imperative for Nigerians to understand that there is an ample supply of petroleum products in the country, urging against panic purchases. Additionally, it is important for the public to be aware that the government does not fix prices.”
The recent surge in petrol prices has led to a more than 50% increase in transportation costs in major Nigerian cities. The new price adjustments by NNPCL’s Retail Management range between N855 and N897 per liter, depending on the location, compared to the previous range of N568-N617.
