Petroleum Resources Minister Heineken Lokpobiri said Premium Motor Spirit, otherwise known as petrol, is expected to be available from the weekend.
The minister made this statement after 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 Midstream and Downstream Petroleum Regulatory Authority of Nigeria, Mugo Okuoha. , at the State House on Thursday.
Lokpobiri said the meeting was held at the initiative of President Bola Tinubu, who he said was concerned about the difficulties facing Nigerians.
He urged Nigerians to stop panic buying.
He said: “What is important is that we make Nigerians understand that the president is sensitive to what is happening in the country. He is concerned about the situation of Nigerians and that is why he asked the vice president to call this meeting so that he can reflect about what is happening in the country. “What is important is that the products are available in the country and we believe that by the weekend the products will be available throughout the country.
“The price can be high in some places, much higher in other places, and in some places much higher than in other places. But we believe that when the products are available throughout the country, the price itself will stabilize.”
He added that the government does not set prices in a deregulated sector and believes that prices will stabilize when products are available.
“There are enough products in the country to meet the demands of Nigerians, there should be no panic buying. And we also think that Nigerians should know that the government does not set prices.
“This is what I want to convey to Nigerians,” he said.
NMDPRA Executive Director Mugo Okuoha also told newsmen that regulatory efforts are now geared towards stabilizing supply, with an impact on price stability.
He added that to achieve this goal, the NMDPRA had ensured that the opening hours of cargo depots were increased and vessels were cleared promptly.
“All regulatory efforts are now aimed at stabilizing supply, with a positive impact on price stability.”
“To achieve this goal, the regulator ensures that the opening hours of all cargo depots are increased, that vessels are cleared quickly and that the departure times of trucks are also extended where permitted.
“It is also important to strengthen support for domestic refinancing, because with the increase in the production of the latter, as the minister said, the supply will be greater, which will stabilize the price. This is the effort that regulator does,” he concluded.
