- Heineken Lokpobiri, Nigeria’s petroleum minister, has said that Premium Motor Spirit, otherwise known as petrol, will be available by the weekend
- Economic experts anticipate that the normalisation of fuel supplies will help ease the pressure on fuel prices and stabilise the market
- As the weekend approaches, the Minister encouraged the public to refuel as needed and to avoid panic buying, which could further strain the supply system
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has said that it is expected that Premium Motor Spirit, otherwise known as petrol, will be available by the weekend.
The minister stated this following a meeting on Thursday, September 5, at the State House with the Vice President, Kahim Shettima, 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.
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 stabilise as soon as the product was made available.
This announcement follows several days of widespread fuel shortages that have affected drivers and businesses across the nation.
The fuel shortages, which led to long queues at gas stations, rising fuel prices, and interruptions in transportation services, have been attributed to supply chain disruptions and unexpected spikes in demand.
"I am pleased to announce that we have made significant progress in addressing the fuel supply challenges. By this weekend, we anticipate that fuel distribution will be back to normal levels throughout the country." says the minister.
“The Vice President summoned us and we’ve been with him to brief him about what is going on across the country. And what is important is for us to convey to Nigerians that the President is empathetic about what is going on in the country. 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.
“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 other areas, much higher in some other locations, and in some locations, much more than you know other areas.
“But we believe that by the time there is availability of products across the country, the price itself will stabilized.
“But what is important is that 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.
The announcement comes as a relief to many, including businesses in the transportation and logistics sectors, who have been significantly impacted by the disruptions. Economic experts anticipate that the normalisation of fuel supplies will help ease the pressure on fuel prices and stabilise the market.
Lokpobiri also assured the public that a comprehensive review of the incident will be conducted to prevent similar occurrences in the future. The focus will be on strengthening supply chains and improving the efficiency of fuel distribution.
With the weekend approaching, the Bayelsa-born minister encouraged the public to refuel as needed and to avoid panic buying, which could further strain the supply system.
Dangote refinery starts petrol production, raises hopes
Meanwhile, TheRadar earlier reported that Dangote Refinery Plc had started petrol production, marking a significant milestone for Africa's largest refinery in Nigeria.
The Nigerian National Petroleum Corporation (NNPC), which has had difficulties satisfying domestic fuel requirements, would be the sole buyer of the gasoline produced by the Dangote Refinery, according to the report.
