Market Forces Dictate Refined Petroleum Product Prices in Nigeria, Lokpobiri

Nigeria's Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, explained that the deregulation of the petroleum sector has allowed market forces to determine refined petroleum product prices in Nigeria.

Lokpobiri emphasized that crude oil is an international commodity, and its price is influenced by global market dynamics, not domestic production levels.

The minister highlighted that the price of refined petroleum products in Nigeria is aligned with global prices, noting that it's the same as in New York and London.