KEY POINTS
- Fuel scarcity was avoided during the festive season due to subsidy removal.
- Petrol prices ranged from ₦999 to ₦1,050 per liter.
- Lokpobiri called for vigilance against meter tampering.
Senator Heineken Lokpobiri, Minister of State for Petroleum, has credited the full deregulation of Nigeria’s downstream oil sector for preventing fuel scarcity during the festive season.
Lokpobiri stated this while inspecting fuel stations in Yenagoa, Bayelsa State, accompanied by officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Fuel supply stabilized under deregulation
Lokpobiri noted that the removal of fuel subsidies under President Bola Tinubu’s administration has ensured product availability during peak periods.
Reflecting on previous years, he highlighted how festive seasons were often marked by fuel shortages and price hikes.
“Before deregulation, festive seasons were synonymous with long queues and exorbitant fuel prices. This year, prices have stabilized, and there is no scarcity,” he said.
According to Nairametrics, Lokpobiri emphasized that deregulation has eliminated hoarding and ensured efficient fuel distribution across the country.
Minister inspects filling stations in Yenagoa
During his visit, Lokpobiri and NMDPRA officials inspected multiple petrol stations, including Rainoil and NNPC outlets, to assess fuel availability and dispensing accuracy.
The minister tested meters at each station, urging Nigerians to report any discrepancies or suspicious meter adjustments to regulators.
Lokpobiri pointed out varying fuel prices, with stations selling petrol for as low as ₦999 per liter and as high as ₦1,050. He explained that price variations are a hallmark of deregulation, fostering healthy competition among marketers.
“This is the essence of deregulation. Competition will stabilize prices and ensure availability for Nigerians,” Lokpobiri said.
Call for vigilance against pump fraud
Lokpobiri urged consumers to monitor fuel purchases closely and report fraudulent practices, such as inaccurate meter readings, to regulatory authorities.
He shared instances where pump attendants falsely claimed to dispense more fuel than was actually delivered.
“All hands must be on deck to ensure Nigerians enjoy the full benefits of deregulation. Verify meter readings and ensure you get the value for your money,” he advised.
