President Bola Tinubu has mandated the Vice President, Kashim Shettima to convene a high-level meeting aimed at addressing the challenges in the oil and gas industry, especially the prevailing issues of pricing and scarcity.
To this end, Shettima met with the Minister of State for Petroleum Resources, Oil, Mr Heineken Lokpobiri, Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, and the Executive Director, under the Nigerian Mainstream, Downstream and Petroleum Regulatory Authority, Ugbogu Ukoha at the Presidential Villa on Thursday.
Reacting to questions posed to him, Lokpobiri said President Tinubu is equally worried about the developments in the energy sector, saying he is empathetic to the difficulties Nigerians are currently experiencing.
According to Lokpobiri the President has emphasized the need for immediate reflection and action to ensure stability in fuel supply and pricing.
He said the Vice President, in line with the President’s directive, is spearheading efforts to ensure that petroleum products are accessible across the country.
“This intervention is expected to address the uneven distribution of fuel, with some areas facing shortages while others experience higher prices,” he told State House reporters on Thursday.
He assured Nigerians that measures are being put in place to increase the availability of petroleum products nationwide by the end of the week.
He equally noted that while prices may vary in different regions, the government’s goal is to ensure that fuel becomes more accessible, which will ultimately help stabilize prices.
Lokpobiri, however, clarified that the federal government has no hand in setting fuel prices, as the sector remains regulated.
He said, with increased product availability, it is expected that market forces will naturally bring prices to a more stable level.
“The administration remains committed to addressing the challenges and ensuring that the supply chain can meet the demands of all Nigerians in the coming days,” the Minister stated.
Tinubu is currently on an official trip to China where he is attending the FOCAC summit.
Recall that Nigerians woke up to fuel pump price adjustments on Tuesday, shoring the price per litre from N617 to N897.