The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has said the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.
He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.
The minister said these at the inaugural meeting of the Petroleum Industry Stakeholders Forum, held on Thursday in Abuja. The PUNCH reports that there have been fresh concerns over a potential increase in the pump prices of petrol after the cost of Brent, the global benchmark for crude, crossed $80 per barrel.
On Monday, private depots increased the loading cost of petrol and other refined petroleum products to N950 per litre.
However, marketers at the meeting allayed fears over the imminent rise in the price of petrol, noting it won’t be immediate. Lokpobiri, speaking to journalists after the meeting, pointed out that deregulation ended all malfeasance associated with the petrol subsidy policy.
