Petrol price beyond Tinubu’s control – Lokpobiri
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said President Bola Tinubu’s administration does not have the power to reduce the price of petrol because the downstream oil sector has been fully deregulated. Speaking on Channels Television’s Politics Today on Tuesday, Lokpobiri said petrol pricing is determined by global market forces, not […] Petrol price beyond…
Petrol price remains beyond President Bola Tinubu's administration's control, according to the Minister of State for Petroleum Resources, Heineken Lokpobiri. In an interview on Channels Television's Politics Today, Lokpobiri explained that the government lacks the authority to influence petrol pricing due to the complete deregulation of the downstream oil sector.
He emphasized that petrol prices are dictated by global market forces and the trading of crude oil and refined petroleum products on an international scale. Lokpobiri dismissed calls for a production subsidy, stating that Atiku Abubakar, the former Vice President, had no legal, fiscal, or financial basis for such a proposal. He also rejected the notion that petrol should be significantly cheaper due to local refining at the Dangote Refinery, asserting that locally produced crude is still sold at global prices.
Despite this, Lokpobiri acknowledged that Nigerians still benefit from local refining, as their fuel prices are lower than those of countries like the United States.
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