The Minister for Petroleum Resources, Heineken Lokpobiri, has said that it is expected that there will be availability of Premium Motor Spirit, otherwise known as petrol, by the weekend.

The Minister stated this following a meeting with the Vice President, as well as the Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mugo Okuoha, at the State House on Thursday.

Lokpobiri said the meeting was at the instance of President Bola Tinubu, who he said was concerned about the hardship being faced by Nigerians

He urged Nigerians to desist from panic buying, stating that the government was not fixing prices and the prices would stabilize as soon as the product was made available.

He said, “What is important is for us to convey to Nigerians that the President is empathetic about what is going on 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.

“What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.

“The price could be high in some other areas, much higher in some other locations, and in some locations, much more than you know other areas. But we believe that by the time there is availability of products across the country, the price itself is stabilised (sic).”

He added that the government does not fix prices in a deregulated sector, and they believe prices will stabilize with the availability of products.

“There is enough product in the country to be able to meet the demands of Nigerians, there should be no panic buying. And we also believe that Nigerians need to know that the government is not fixing prices. That is what I want to convey to Nigerians,” he stated.

The Executive Director of the NMDPRA, Mugo Okuoha also told State House correspondents that regulatory efforts were now geared towards stabilizing supply, with a resultant impact on price stability.

He added that to achieve the objective, the NMDPRA had ensured increased operating hours at loading depots and that vessels were being cleared promptly.

“All regulatory efforts are now geared towards stabilizing supply, with a resultant impact that it will be positive also on the stability of price”.

“To that objective, the regulator is ensuring that there are increased operating hours from all loading depots, vessels are being cleared promptly, and extended hours where safety can permit, for truck outs as well.

More important also is the reinforcement of the support being given to local refinance, because with increased production from them, indeed, as the minister has said, there will be higher supply, which will stabilize the price. That’s the effort that the regulator is making”, he concluded.