Nigerian government exonerates self from hike in petrol price

The Nigerian Government has declared that its not responsible for the recent increase in the price of petrol across the country, adding that the industry has been deregulated, and that the government was not fixing prices of petrol and other petroleum products.

Penpushing reports that Minister of State (Oil) Petroleum Resources, Heineken Lokpobiri made this known on Thursday, while briefing State House correspondents after a meeting with Vice-President Kashim Shettima.

“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 (petrol) across the length and breadth of the country,” he said.

Penpushing further reports that the Minister added that it was important to convey to Nigerians that President Bola Tinubu was empathetic about what was going on in the country, and equally concerned about hardship of the citizens.

‘He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country. But we believe that by the time there is availability of the product (petrol) across the country, the price itself will stabilise’, he told journalists.

Penpushing also reports that Lokpobiri explained that the Vice President had 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.

The Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ogbugo Ukoha, on his part explained that regulatory efforts were geared toward stabilising supply of petrol in the country, adding that it 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’, 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’, the executive director stated.

Penpushing reports that the recent increment in petrol price from N855 to N897 per litre is adding more hardship to the citizens across the length and breadth of the country, forcing commercial drivers to as well increase transport fare.

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