The Federal Government has stated that the prices of Premium Motor Spirit (PMS), otherwise known as petrol would regulate naturally once distribution stabilizes.
Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri stated this while briefing newsmen shortly after meeting with Vice President Kashim Shettima on Thursday at the State House in Abuja.
TheFact Daily had reported that the Minister was summoned by the Vice President alongside the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Mele Kyari and the National Security Adviser (NSA), Mr. Nuhu Ribbadu over the current fuel scarcity, and the recent hike in the prices of the products.
Speaking, Senator Lokpobiri affirmed that the President was deeply concerned about the hardship Nigerians are facing, which was why the meeting was held with Vice President Kashim Shettima, reflecting on the current fuel situation across the country.
He assured the public that there is sufficient fuel supply in the country, and that by the weekend, the products would be available nationwide.
Lokpobiri, however, stressed that “while prices may vary in different regions, we believe that once distribution stabilizes, prices will regulate naturally.
He emphasised that the government was not fixing prices, as the sector was already deregulated, saying “there is no need for panic buying, as supply is adequate”.
He said, “Our primary message to Nigerians is that we are working hard to ensure that the situation normalizes quickly, and prices will stabilize as product availability improves”.
