Lokpobiri: Nigeria Can't Control Petrol Prices Amid Global Trends

Heineken Lokpobiri, the Minister of State for Petroleum Resources, stated during an appearance on Channels Television’s Politics Today that the increase in fuel prices is a global issue and not within the control of President Bola Tinubu’s administration. He explained that the ongoing crisis in the Middle East could exacerbate the situation, affecting not only Nigerians but also Americans and Europeans.

Lokpobiri emphasized that crude oil and refined petroleum products are global commodities, and Nigeria cannot regulate prices arbitrarily without reintroducing fuel subsidies. He confirmed that the administration does not have the power to control petrol prices because the market is completely deregulated in line with global standards.

He defended Tinubu's decision to remove fuel subsidies at the start of his administration, stating that it was timely and necessary to prevent Nigeria from facing a crisis similar to that of Venezuela.