Petrol prices will ‘regulate naturally’, says oil minister

Heineken Lokpobiri, minister of state for petroleum resources (oil), has said the federal government is not fixing petrol prices as the downstream sector has been deregulated.

His remarks come amid the continued scarcity of petrol in the country despite the increase in pump prices on Tuesday.

In a statement on Thursday, he said: “The President is deeply concerned about the hardship Nigerians are facing, which is why we held a meeting with Vice President Kashim Shettima, reflecting on the current fuel situation across the country.

“We want to reassure the public that there is sufficient fuel supply in the country, and by the weekend, we expect products to be available nationwide. While prices may vary in different regions, we believe that once distribution stabilizes, prices will regulate naturally. It’s important to emphasize that the government is not fixing prices, as the sector is deregulated.

“There is no need for panic buying, as supply is adequate. Our primary message to Nigerians is that we are working hard to ensure that the situation normalizes quickly, and prices will stabilize as product availability improves.”