Fuel Prices Not Regulated By Nigerian Government - Oil Minister

The Minister of State Petroleum Resources Oil, Heineken Lokpobiri , has stated that the price of crude oil on the global market continues to be a factor that significantly influences changes in fuel pump pricing.

He claimed that the government no longer sets prices in the downstream industry, which is now completely deregulated.

The minister made these remarks during the Petroleum Industry Stakeholders Forums first meeting, which took place in Abuja on Thursday.

According to reports, there have been new worries about a possible rise in petrol costs after Brent, the worlds benchmark for crude oil, surpassed 80 per barrel.

Petrol and other refined petroleum products now cost N950 a litre to load at private depots as of Monday.