Speaking in Abuja during the inaugural meeting of the Petroleum Industry Stakeholders Forum, the Minister of State for Petroleum Resources for Oil, Senator Heineken Lokpobiri, stated that the pump price of petrol will fluctuate based on international crude oil prices now that the downstream sector is fully deregulated. Lokpobiri emphasized that deregulation has ended petrol subsidy corruption and eliminated fuel queues through healthy market competition, noting that the government's primary focus is now on product quality control, availability, and ensuring consumers receive the correct quantity at retail stations. Other industry leaders, including the chief executives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and Major Energy Marketers Association of Nigeria, agreed that the market reform has enhanced energy security, boosted supply stability, and created a level playing field, while the Nigerian Upstream Petroleum Regulatory Commission harped on the need to significantly increase oil production in the country.
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