Petrol Supply to Stabilize by Weekend, Assures Petroleum Minister

Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured the public that petrol will be available across the country by this weekend, addressing the recent supply issues that have led to widespread scarcity.

Speaking to reporters following a meeting with Vice President Kashim Shettima, Lokpobiri emphasized that despite the current challenges, including price increases and long queues at petrol stations, efforts are underway to stabilize the supply. The meeting also included the National Security Adviser, Nuhu Ribadu, and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

President Bola Tinubu, concerned about the hardship caused by the situation, convened the meeting to seek solutions. Lokpobiri urged Nigerians to remain calm, refrain from panic buying, and trust that fuel will be available across the country soon.

The NNPCL had recently implemented price hikes ranging from N855 to N897 per litre, depending on the location, up from previous prices of N568 to N617 per litre. Independent marketers followed suit, with prices climbing to as high as N1,250 per litre in some regions.

Lokpobiri reiterated that the government is not controlling petrol prices, as the sector has been deregulated. He explained that prices are being driven by market forces, but assured that once supply stabilizes, prices should begin to normalize.

“The government is not fixing prices. What is important is the availability of products, and we believe that by the weekend, there will be sufficient supply nationwide,” he said.

The scarcity has also triggered significant increases in food prices and transport costs. A survey conducted across various markets showed that the price of essential food items such as rice, beans, and maize has surged. Transport fares have risen by over 50% in major cities, as traders report that the cost of moving goods has skyrocketed due to the fuel price hike.

Meanwhile, the NNPCL’s Executive Vice President of Downstream, Adedapo Segun, highlighted that the price fluctuations are partly due to foreign exchange shortages, which impact fuel import costs. He also stated that fuel scarcity should ease in the coming days as more stations adjust to the new pricing and resume full operations.

The NNPCL is working to ensure that filling stations open early and close late to meet demand, with additional measures being taken to prevent product diversions and ensure timely deliveries across the country.

The fuel crisis has sparked concern among manufacturers and businesses, who warn that the rising cost of petrol could further increase inflation and the cost of doing business in Nigeria.

Despite the challenges, the government remains optimistic that petrol availability will improve by the weekend, providing relief to Nigerians grappling with the economic fallout from the fuel price hike.