The Minister of State for Petroleum, Senator Heineken Lokpobiri, has credited the full deregulation of the downstream oil sector for preventing fuel scarcity during the 2024 festive season. The move, which included the removal of fuel subsidies, has ensured consistent fuel availability across Nigeria, even amid the higher demand associated with the holidays.
“This is the second Christmas under President Bola Tinubu’s administration where fuel has been available throughout the festive period,” Lokpobiri stated on Saturday. He made unannounced visits to various petrol stations in Yenagoa, Bayelsa State, to inspect fuel availability firsthand, as reported by the News Agency of Nigeria.
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Before the deregulation, festive seasons often saw fuel shortages, which caused price hikes and long queues at petrol stations. “In past years, the holiday season was marked by product scarcity and rising prices. But this year, as last year, there has been consistent availability of petrol and prices are stabilizing,” Lokpobiri explained.
The Minister’s visits included stops at multiple stations, including Rainoil and NNPC outlets in Edepie, Rano Oil in Opolo, and the NNPC Mega Station along the Sani Abacha Expressway. Accompanied by officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Lokpobiri aimed to assess the effectiveness of the deregulation policy.
During the inspection, Lokpobiri observed varying fuel prices, with some stations selling petrol at ₦1,050 per litre, others at ₦1,020, and NNPC Mega Station offering it at ₦999. He highlighted that this price variation was a positive outcome of deregulation, asserting that competition would ultimately stabilize prices.
“This is the true essence of deregulation,” he remarked. “Prices will stabilize, and regulators will ensure products are available to benefit Nigerians.”
Despite the progress, Lokpobiri urged consumers to remain vigilant. He pointed out discrepancies in fuel dispensing and advised Nigerians to report any suspicious meter adjustments or cheating by station attendants. “If you notice that the amount dispensed doesn’t match what’s shown on the meter, raise the alarm. We must work together to ensure Nigerians get the full value from deregulation,” he urged.
The deregulation of Nigeria’s oil sector began after President Bola Tinubu announced the removal of fuel subsidies on May 29, 2023. Since then, fuel prices have surged past ₦1,200 per litre. However, the price war triggered by the Dangote refinery has led to a slight reduction in prices, which now range between ₦935 and ₦1,100 per litre. Notably, there have been no reports of long queues or hoarding at filling stations during the 2024 festive season, marking a significant shift from past years.
