The Nigerian Minister of Petroleum Resources, Heineken Lokpobiri, made it clear that oil prices will be determined by the market, not government intervention. He pointed out that price fluctuations are normal in a deregulated market, with global oil prices always influencing local product prices. Lokpobiri also emphasized that the purpose of deregulation is to allow prices to adjust naturally according to market demand. Therefore, future price volatility cannot be predicted, and it is not something the government can control. He further added that the government’s current focus is on ensuring fuel quality and supply stability, rather than controlling fuel prices. This statement has somewhat alleviated market concerns. Although the rise in oil prices has created short-term pressure in Nigeria, the government has clearly stated that it will not intervene in price setting. This means prices will increasingly depend on the market’s supply and demand. Market competition will drive natural price fluctuations, helping to avoid supply shortages or dramatic price hikes. For consumers and investors, the government’s position provides clearer expectations for future price changes, allowing for better adaptation to market fluctuations.