We’ve Enough Petrol Supply, Minister Insists, Despite Scarcity

Despite the lingering scarcity and hike in price of petrol, Nigeria’s Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has said there is sufficient supply of petrol in the country.

The minister stated this on Thursday, while briefing newsmen after a meeting chaired by Vice President, Kashim Shettima, at the Presidential Villa, Abuja.

In a clip of the interview posted on his X handle, the minister said the meeting was held to discuss the current petrol scarcity and high costs across the country.

The meeting also had in attendance, Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the National Security Adviser, Nuhu Ribadu.

He assured that petrol would be available nationwide by weekend, adding that once the scarcity subsides, the issue of price would be resolved.

“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,” the minister stated.

He clarified that the petrol sector in the country is already deregulated, adding that the Federal Government cannot fix prices of petroleum products.

“While prices may vary in different regions, we believe that once distribution stabilizes, prices will regulate naturally. It’s important to emphasise that the government is not fixing prices, as the sector is deregulated.”

READ ALSO: How Strong Competitive Market Will Stabilise Fuel Price In Nigeria

Speaking further on the availability of petrol, the minister said there is no need for panic buying, as there is adequate supply. “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,” Lokpobiri stated.

Prime Business Africa reports that the latest hike in the price of petrol occurred on Tuesday. From about N617 per litre, the price jumped to N897, drawing outrage from the citizens who lamented the ugly negative impact on them and the economy.