The Nigerian Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has defended the Federal government’s decision to deregulate the downstream oil sector, saying that the move has been a success.
Speaking at the inaugural meeting of the Petroleum Stakeholders Forum in Abuja on Thursday, Lokpobiri stated that the deregulation policy has eliminated the negative news surrounding fuel subsidies that were prevalent in the past.
“The whole essence of deregulation is for the price to find its level,” he explained. “Before now, we were hearing negative news about fuel subsidies every day. But today, thanks to deregulation, those stories have disappeared.”
Lokpobiri also noted that the deregulation policy has introduced competition in the market, giving consumers a choice and eliminating the queues that were once a common sight at filling stations.
He cited his recent experience in Bayelsa, where he observed that different filling stations were selling fuel at varying prices. “Some were selling for ₦1,020, while others were selling for ₦990,” he said.
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“That’s the beauty of deregulation – competition gives people a choice.”
The Minister emphasized that the government’s focus is now on quality control, availability, and ensuring that consumers receive the correct quantity of fuel.
He also highlighted the importance of the Petroleum Stakeholders Forum, which aims to bring together leaders in the oil industry to discuss policy issues and address challenges facing the sector.
The Forum is expected to provide a platform for stakeholders to discuss industry issues and find solutions together.
(Editor: Ken Eseni)
