THE Minister for Petroleum Resources, Heineken Lokpobiri, has said that it is expected that there will be availability of Premium Motor Spirit, otherwise known as petrol, by the weekend.
The Minister stated this following a meeting with the Vice President, as well as the Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mugo Okuoha, at the State House on Thursday.
Lokpobiri said the meeting was at the instance of President Bola Tinubu, who he said was concerned about the hardship being faced by Nigerians
He urged Nigerians to desist from panic buying, stating that the government was not fixing prices and the prices would stabilize as soon as the product was made available.
He said: “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.”
This newspaper reports that 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.
Independent marketers have adjusted their prices to between N930 and N1,200 per litre of petrol.
The price hike has had a widespread impact, with some Nigerians resorting to long-distance trekking and others missing work due to the higher transportation costs.