The Federal Government has assured Nigerians that the current fuel scarcity across the country will soon be resolved.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made this statement on September 5, following a meeting with Vice President Kashim Shettima and the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.
Lokpobiri explained that the meeting, initiated by President Bola Tinubu, was aimed at addressing the concerns about the ongoing fuel crisis.
He emphasized that the government is not regulating fuel prices due to the deregulation of the sector. However, he reassured citizens that once fuel availability improves nationwide, the prices are expected to stabilize.
“There is enough product in the country to meet demands. Nigerians should not panic buy,” said Lokpobiri, noting that petrol should be widely available by the weekend.
Despite this reassurance, the minister admitted that fuel prices will vary by location, with certain areas experiencing significantly higher costs than others.
This price fluctuation is a result of the deregulated market, where prices are determined by availability and other economic factors.
The recent increase in fuel prices, ranging from N855 to N897 per litre, has led to a sharp rise in transportation costs, with fares increasing by over 50% in major Nigerian cities. Lokpobiri urged Nigerians to remain patient as fuel supplies stabilize across the country.
