The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has stated that the availability of petrol supply will lead to price stability across the country.
He made this statement on Thursday after meeting with Vice-President Kashim Shettima, emphasizing that the industry’s deregulation means prices will find their level based on supply and demand.
The minister said, “This sector is deregulated. And we believe that with the availability of products, the price will find its level.”
“What is important is that the product is available in the country; between now and the weekend, there will be availability of the product across the length and breadth of the country,”
Lokpobiri expressed optimism that with a steady supply of petroleum products nationwide, prices will stabilize. He noted that President Bola Tinubu is empathetic about the current situation and has instructed the Vice President to address the issues affecting the nation.
Mr. Ogbugo Ukoha, Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), who highlighted the importance of extended operating hours at loading depots, prompt clearance of vessels, and support for local refining to increase production and stabilize prices.
He said, “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.”
