Deregulation Ensures Fuel Availability During Festive Season – Lokpobiri
The Minister of State for Petroleum, Senator Heineken Lokpobiri, has credited the full deregulation of Nigeria’s downstream oil sector for preventing fuel scarcity during the festive season. Speaking on Saturday after unannounced visits to several petrol stations in Yenagoa, Bayelsa State, Lokpobiri emphasized that this was the second Christmas under President Bola Tinubu’s administration where fuel remained available throughout the holidays.
Historically, festive seasons in Nigeria have been marked by fuel shortages and price hikes due to increased demand, but Lokpobiri highlighted that deregulation has stabilised fuel availability. “Last year, we saw product availability, and this year the situation is the same,” he said. “The deregulation ensures fuel availability and stabilizes prices.”
During his visit, Lokpobiri, accompanied by officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), made stops at stations such as Rainoil in Edepie, an NNPC outlet in Edepie, Rano Oil at Opolo, and the NNPC Mega Station on the Sani Abacha Expressway. The aim was to assess fuel supply levels and price consistency following the removal of fuel subsidies.
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At the stations, the Minister instructed pump attendants to dispense fuel so he could verify that the amounts sold matched the displayed prices. He acknowledged price variations, with some stations selling petrol for ₦1,050 per litre, others at ₦1,020, while the NNPC Mega Station offered it for ₦999. “This is the true essence of deregulation,” he said, affirming that prices would stabilize over time, benefiting Nigerians.
Lokpobiri also warned consumers to be cautious of suspicious meter adjustments at filling stations. “What we have seen in the past is that some stations claim to be dispensing 100 litres, but you’re only getting 50,” he said, urging Nigerians to inspect their meters carefully. He stressed that any discrepancies should be reported to the relevant authorities.
President Tinubu’s administration ended the petrol subsidy regime in May 2023, with fuel prices rising to over ₦1,200 per litre. However, a price war initiated by the Dangote refinery has led to a slight reduction, with prices now ranging between ₦935 and ₦1,100. The deregulation, alongside market competition, has helped ensure consistent fuel availability, with no reports of long queues or hoarding during this December—a stark contrast to previous years.
