The minister of state for petroleum resources (oil), Heineken Lokpobiri has said that the federal government is not fixing the prices of petrol, noting that the sector is deregulated.
On Thursday, Vice-President Kashim Shettima summoned Mele Kyari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, and Lokpobiri over the lastest hike in the pump price of petrol.
The meeting reportedly happened as a result of a directive by President Bola Tinubu.
Addressing the journalists after the engagement, Lokpobiri stated that prices will stabilise with adequate product supply.
“What is important is that government is not fixing prices, this sector is deregulated,” he said.
“We believe that with availability of products, the price will find its level.”
The minister said that products are available across the country, adding that Nigerians will experience improved access to the commodity in the next few days.
Noting that prices could be higher in some zones compared to others, Lokpobiri assured of normalcy as the product becomes available nationwide.
“Between now and the weekend there will be availability of products across the length and breadth of the country,” he said.
“We believe that by the time there is availability of products across the country, the price itself will stabilise.”
He, however, implored Nigerians not to resort to panic buying, as there is adequate petroleum product to meet demand.
On September 3, the NNPC increased the price of petrol all over its retail outlets in the country.