Senator Lokpobiri, Minister of State for Petroleum Resources (Oil)
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri said during an interview with journalists shortly after a meeting with Vice President Kashim Shettima over the issue of Premium Motor Spirit (PMS) also known as petrol that the Federal Government does not fix the product.
This is contrary to claims made by the President of Dangote Refinery and Petrochemical Company Ltd, Aliko Dangote that the Federal Executive Council will determine the price of petroleum products from his refinery.
The Minister countered Dangote’s claims on the issue making the rounds.
The meeting, held at the State House came from a directive issued by President Bola Tinubu to the Vice President to convey the meeting.
In attendance at the meeting was the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari, the National Security Adviser Nuhu Ribadu, and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ogbugo Ukoha.
Dangote had on Tuesday claimed that the Federal Executive Council is working on a new pricing arrangement for petrol produced from his refinery.
Speaking on the retail price, Dangote had stated, “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.
“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
But speaking on the development, the minister said the petroleum industry has been deregulated following the passage of the Petroleum Industry Act.
This, Lokpobiri added, has enabled prices in the sector to be determined by the forces of demand and supply.
He added that with this arrangement, the federal government has no business fixing the prices of petroleum products.
He said, “We were summoned by the Vice President who was directed by the President to call for this meeting and we have been with him to brief him on what is going on across the country.”
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