Minister Lokpobiri Explains Why Crude Price Determines Fuel Cost

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Heineken Lokpobiri, explains that global crude oil prices determine petrol prices in Nigeria due to deregulation in the downstream sector.
Lokpobiri states that the essence of deregulation is for the price of petroleum products to find its level in the domestic market.
The Minister notes that petrol prices will increase or decrease accordingly as crude oil prices change.

Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has shed light on the relationship between global crude oil prices and petrol prices in Nigeria.

According to Lokpobiri, the deregulation of the downstream sector allows petroleum product prices to find their level in the domestic market.

Lokpobiri explained, “The whole essence of deregulation is for price to find its level. Before now, you will agree with me that every day you hear negative news about petrol subsidies.”

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He added, “Today, you journalists have no negative news about petrol subsidies because it is completely regulated, and the price will find its level.”

The Minister noted that petrol prices will fluctuate based on crude oil prices, saying, “As the oil price goes up, petrol price will go up, and as oil price comes down, the price will come up.”

Lokpobiri cited his recent visit to Bayelsa, where he observed varying petrol prices at different filling stations, ranging from N999 to N1,020.

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President Bola Tinubu has approved the appointment of qualified Nigerians to serve on the Governing Council and Management team of the Nigerian Content Development and Monitoring Board (NCDMB).

It was said that the decision followed Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010).

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