FG NOT INVOLVED IN SETTING FUEL PRICE

The Federal Government said its not involved in setting the price of fuel in the country.

Heineken Lokpobiri,  Minister of State Petroleum Resources,disclosed while speaking at the inaugural meeting of the Petroleum Industry Stakeholders Forum in Abuja.

Lokpobiri explained that the downstream sector is now fully deregulated.
 
The Minister said the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.

He said, “The whole essence of deregulation is for price to find its level.
 “As oil price goes up, petrol price will go up, and as oil price comes down, the price will come up.

 Reports say that there have been alarm over a potential increase in the pump prices of petrol after the cost of Brent, the global benchmark for crude, crossed $80 per barrel. 

He said  the government is  interested in quality control, availability, and dispensation of the right quantity of fuel. 

“If you are buying 10 litres of PMS, let it be that you are not short-changed by the retail filling station. That is where we have issues. And once there is competition, people have a choice, and that’s why you don’t see any queues”.He said 

 Abubakar Maigandi,National President of the Independent Petroleum Marketers Association of Nigeria, said the current reduction in prices of petrol is due to the  partnership  with Dangote refinery. 

He added that members of the association have begun loading petrol from the Dangote refinery alongside the MRS filling station from late last year, leading to a reduction in the retail price of petrol across the country. 

 “We have been loading with the Dangote refinery as same with the MRS. We have an agreement between MRS, Dangote and independent marketers; that is why we sell at a lower price than other marketers because of the partnership with Dangote, and we have a uniform price everywhere in the country; we sell for N935 per litre.”He said. 

Nigerians are advised that the recent rise in crude oil price does not automatically mean an increase in petrol price.