Nigerian government attributes hike in fuel price to deregulation

The Federal Government of Nigeria said on Thursday it was not responsible for the recent petrol price increase across the country.

Senator Heineken Lokpobiri, Minister of State (Oil), Petroleum Resources, said this while briefing State House correspondents after a meeting with Vice President Kashim Shettima.

Lokpobiri said the industry had been deregulated and that the government was not fixing prices.

“This sector is deregulated. And we believe that with the availability of products, the price will find its level.

“What is important is that the product is available in the country; between now and the weekend, there will be availability of the product across the length and breadth of the country,” he said.

He said it was important to convey to Nigerians that the President was empathetic about what was happening in the country.

“He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting for us to reflect on what is going on in the country.

“But, we believe that by the time there is availability of the product across the country, the price itself will stabilise,” said the minister.

Nigerian government attributes hike in fuel price to deregulation