Fuel price hike: We have no control over fuel prices, says FG

The federal government, while assuring Nigerians of overcoming the fuel crisis experienced in the country, said it was not fixing prices and that the prices would stabilise as soon as the product was made available

According to Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), while briefing the State House reporters on Thursday after meeting with Vice-President Kashim Shettima, joined by the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, the meeting was at the instance of President Bola Tinubu, who he said was concerned about the hardship being faced by the masses.

Mallam Nuhu Ribadu, National Security Adviser, also attended the meeting, which is not unconnected with the recent hike in the price of Premium Motor Spirit (PMS) and the backlash that has trailed the development.

The minister urged Nigerians to shun panic buying, saying that petrol is expected to be available by the weekend.

He said: “What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.

“The price could be high in some areas, much higher in some other locations, and much more higher in other areas.

“But we believe that by the time  there is availability of products across the country, the price itself will stabilize.

“But what is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigeria to know.

“There is enough product in the country to be able to meet the demands of Nigerians, there should be no panic buying. And we also believe that Nigerians need to know that the government is not fixing prices.”

The Informant247 had gathered how the latest petrol price hike had pushed up transport fares by over 50 per cent in major cities across Nigeria.

The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617.

Independent marketers have adjusted their prices to between N930 and N1,200 per litre of petrol.

The price hike has had a widespread impact, with some Nigerians resorting to long-distance trekking and others missing work due to the higher transportation costs.