Petrol scarcity will be over soon, but we have no control over prices – Federal Government

Friday, September 6, 2024 -The Federal government says the fuel crisis being experienced across the country will soon be a thing of the past.

 The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, gave the assurance yesterday September 5, while briefing State House reporters after meeting with Vice-President Kashim Shettima, joined by the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

Lokpobiri said the meeting was at the instance of President Bola Tinubu, who he said was concerned about the hardship being faced by the masses. He said the government was not fixing prices and the prices would stabilize as soon as the product was made available. 

 The minister urged Nigerians to shun panic buying, saying it is expected that there will be availability of petrol by the 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 latest hike in the price of petrol has pushed up transport fares by over 50 percent in major cities across Nigeria. The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617.