The Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri has assured oil and gas players of sustained collaboration in the coming months.
However, he clarified that market forces would continue to determine the fuel price in a deregulated market.
The minister spoke at the Petroleum Industry Stakeholders Forum Meeting in Abuja, which brought together key players, including Federal Government agencies and other private operators.
At the meeting, the stakeholders commended the Federal Government for creating an enabling environment. The minister noted that the forum was to build a consensus for articulation of what is best for the industry.
Lokpobiri said: “The whole essence of the meeting was to bring the entire leadership of the industry, oil industry together so that we will be able to build consensus around saying things that we think will be better for the industry.”
He said it is natural for prices to fluctuate in a deregulated market, adding that the international crude oil price is accountable for product price all over the world.
The minister said: “And so, nobody in a deregulated market can tell you that, okay, prices will come down or will not come down. It is dictated by the international crude oil price. And Nigeria can’t be an exception at all.”
