The Minister of Petroleum Resources, Heineken Lokpobiri, has urged Nigerians to desist from panic buying, as petrol, also known as Premium Motor Spirit (PMS), and its price will be stabilised by weekend
Speaking after a meeting at the State House with Vice President Kashim Shettima, Nigerian National Petroleum Company Limited (NNPC) CEO Mele Kyari, and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Executive Director Mugo Okuoha, Lokpobiri emphasized the government’s commitment to addressing the fuel scarcity.
He explained that the meeting was convened by President Bola Tinubu, who is concerned about the hardship faced by Nigerians due to fuel shortages.
Lokpobiri urged Nigerians to avoid panic buying, assuring them that the government is not regulating prices in the deregulated sector and that prices would stabilize once the supply improves.
“The President is deeply empathetic about the challenges Nigerians are facing,” Lokpobiri said. “That’s why he instructed the Vice President to organize this meeting to address the situation.
We believe that by the weekend, fuel will be available nationwide, and prices will stabilize once the supply is consistent across the country.”
Acknowledging the current price variations in different regions, the minister reiterated that once supply is adequate, the prices will naturally stabilise.
“There is enough fuel in the country to meet demand. Panic buying is unnecessary, and Nigerians should understand that the government is not involved in fixing fuel prices,” he added.
Mugo Okuoha, the Executive Director of NMDPRA, also noted that regulatory measures are being implemented to ensure a stable supply, which will positively impact price stability. He explained that operating hours at loading depots have been extended, vessels are being cleared promptly, and truck operations are running longer hours where safety permits.
“Efforts are also being made to support local refineries, as increased production will lead to greater fuel availability, ultimately stabilizing prices,” Okuoha concluded.
