No scarcity in festive season proves full deregulation is benefitting Nigerians — Lokpobiri

Minister of Petroleum Resources (Oil), Sen. Heineken Lokpobiri Ph.D has said that the absence of scarcity of petroleum products during the featuve season is proof that the full deregulation of the petroleum sector is benefiting Nigerians.

In a post on his social media page, the Oil Minister notes that “for two consecutive years under the #RenewedHope administration of President Bola Ahmed Tinubu, we have not experienced any scarcity of petroleum products during the festive periods—a remarkable departure from the challenges of the past.”

He added that this feat speaks volume on the strides made in stabilising the downstream sector.

The Minister went further to identify the issue of inaccurate metering across some file service stations.

“Upon returning for the holidays, I visited several fueling stations across Bayelsa State to monitor the dispensing of Premium Motor Spirit (PMS). 

“While most stations adhered to accurate metering, a few with minimal upward variations were instructed to make necessary adjustments,” He said.

Lokpobri added that the progress highlights one of the significant benefits of full deregulation in the downstream sector, initiated by President Tinubu with the removal of petroleum subsidies. 

“By allowing market dynamics to determine prices, this policy has ensured the steady availability of products.

“However, regulatory practices require collective vigilance. I urge Nigerians to remain conscious of the litres being dispensed when purchasing fuel and to report irregularities promptly. 

“Wishing everyone a wonderful celebration, let us all support this transformative effort for a sustainable energy future.” The Minister concluded.