‘There Is Availability Of Products,’ Says Minister Amid Scarcity, Petrol Price Hike

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Friday, September 6th, 2024

(AFRICAN EXAMINER) – The Minister of State (Oil) Petroleum Resources, Heineken Lokpobiri, says there is availability of petrol despite the scarcity and hike in the price of the product.

He stated this on Thursday while briefing journalists at the Presidential Villa, Abuja after meeting with Vice President Kashim Shettima.

“What is important is that products are available in the country,” he said.

The minister also assured Nigerians that the scarcity being experienced would be over before weekend as petrol would be available across the country.

He stated that once the product is available, the price would be stabilised.

“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 other areas, much more 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 stabilized.

“But what is important is that government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find it’s level. And this is important for Nigeria to know,” Lokpobiri said.

The minister explained that Shettima summoned him along with the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the National Security Adviser, Nuhu Ribadu, over the recent hike in the price of petrol.

Also speaking, the Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Kalu Okuoha, said regulatory efforts were geared toward stabilising supply of petrol in the country, which he said would impact positively on stability of price.

“The objective of the regulator is to ensure that there’s increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.

“More importantly also is the reinforcement of the support being given to local refinancing, because with increased production there will be higher supply, which will stabilise the price,” said Okuoha.