Home Business Minister Lokpobiri Explains Why Crude Price Determines Fuel Cost
Business

Minister Lokpobiri Explains Why Crude Price Determines Fuel Cost

Share
"Stop Misleading Public Against Lokpobiri', Group Cautions Nangi
Share
  • Heineken Lokpobiri, explains that global crude oil prices determine petrol prices in Nigeria due to deregulation in the downstream sector.

  • Lokpobiri states that the essence of deregulation is for the price of petroleum products to find its level in the domestic market.

  • The Minister notes that petrol prices will increase or decrease accordingly as crude oil prices change.

Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has shed light on the relationship between global crude oil prices and petrol prices in Nigeria.

According to Lokpobiri, the deregulation of the downstream sector allows petroleum product prices to find their level in the domestic market.

Lokpobiri explained, “The whole essence of deregulation is for price to find its level. Before now, you will agree with me that every day you hear negative news about petrol subsidies.”

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

He added, “Today, you journalists have no negative news about petrol subsidies because it is completely regulated, and the price will find its level.”

READ ALSO: Uzodinma Hails Fuel Subsidy Removal As Blessing To State Govt

The Minister noted that petrol prices will fluctuate based on crude oil prices, saying, “As the oil price goes up, petrol price will go up, and as oil price comes down, the price will come up.”

Lokpobiri cited his recent visit to Bayelsa, where he observed varying petrol prices at different filling stations, ranging from N999 to N1,020.

Tinubu Appoints Lokpobiri NCDMB Governing Council Chairman

President Bola Tinubu has approved the appointment of qualified Nigerians to serve on the Governing Council and Management team of the Nigerian Content Development and Monitoring Board (NCDMB).

It was said that the decision followed Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010).

Continue Reading Here

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
NNPCL to Hand Over Nigerian Refineries to Private Firms
Business

NNPCL Slashes Fuel Price to N895 per Litre Amidst Market Competition

NNPCL has reduced the pump price of premium motor spirit (PMS) to...

Business

Naira Currency Appreciates Against US Dollar Amid Policy Reforms

The Nigerian currency, Naira, has appreciated by ₦4.59 against the US dollar,...

Business

Mauritania’s Sidi Ould Tah Elected AfDB President, Pledges to Boost Africa’s Growth

Sidi Ould Tah from Mauritania has been elected as the ninth president...

Business

NLO Slaps Two-Year Ban, Heavy Fines on Four Clubs for Match-Fixing

NLO player ban: Upholding Integrity on the Pitch. How the Suspensions Reshape...

5win
RocketplayRocketplay casinoCasibom GirişJojobet GirişCasibom Giriş GüncelCasibom Giriş AdresiCandySpinzDafabet AppJeetwinRedbet SverigeViggoslotsCrazyBuzzer casinoCasibomJettbetKmsauto DownloadKmspico ActivatorSweet BonanzaCrazy TimeCrazy Time AppPlinko AppSugar rush