Deregulation In Full Swing: FG No Longer Controls Petrol Pricing

Deregulation In Full Swing: FG No Longer Controls Petrol Pricing

Speaking during the inaugural meeting of the Petroleum Industry Stakeholders Forum (PISF) in Abuja on Thursday, Lokpobiri confirmed that the Federal Government has fully deregulated the downstream petroleum sector, leaving pump prices to…Deregulation In Full Swing: FG No Longer Controls Petrol Pricing

be dictated by market forces.

The clarification comes amid public concerns over a recent increase in depot petrol prices, which surged from ₦909 to ₦970 per litre. Many fear this could push pump prices beyond ₦1,000 per litre at filling stations nationwide.

“Price Adjustments Reflect Oil Market Realities”
Explaining the essence of deregulation, Lokpobiri stated:

“The whole essence of deregulation is for prices to find their level. Before now, negative news about petrol subsidies dominated the headlines. Today, that is no longer the case because the system is completely regulated. Prices now reflect the dynamics of the international oil market.”

He further noted that during the Christmas season, petrol prices varied across different regions, with some stations selling at ₦1,020, others at ₦999, and a few at ₦1,015.

Focus on Quality and Fair Pricing
The Minister emphasized the government’s primary concerns:

• Ensuring quality control in petrol distribution.
• Maintaining availability of petrol nationwide.
• Preventing retail stations from shortchanging consumers by dispensing less than the purchased quantity.

Lokpobiri assured Nigerians that competition in the deregulated market would continue to eliminate fuel queues, as consumers now have more options.

Petroleum Industry Stakeholders Forum (PISF)
The PISF, modeled after the Bankers’ Committee meetings, is expected to serve as a platform for addressing challenges within the oil and gas sector. According to Lokpobiri, this initiative will foster collaboration and amicable solutions among industry leaders.

The announcement underscores the Federal Government’s commitment to ensuring transparency and efficiency in the deregulated petroleum sector, even as Nigerians brace for potential price adjustments tied to global oil market trends.

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