President Bola Tinubu has directed Vice President Kashim Shettima to convene a high-level meeting to address the challenges in the oil and gas industry, especially the issue of pricing and scarcity.
To this end, Shettima met with the Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, Group Managing Director of the Nigerian National Petroleum Company NNPCL, Mr. Mele Kyari, and the Executive Director of the Nigerian Mainstream, Downstream and Petroleum Regulatory Agency, Ugbogu Ukoha, at the Presidential Villa, on Thursday.
Responding to a question, Lokpobiri said President Tinubu is equally concerned about the development of the energy sector and understands the difficulties Nigerians are currently facing.
According to Lokpobiri News Agency, the President stressed the need for immediate consideration and action to ensure stability in fuel supply and prices.
He said that as per the President’s directive, the Vice President is leading efforts to ensure availability of petroleum products 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 reporters at State House on Thursday.
He assured Nigerians that measures would be taken by the end of this week to increase the availability of petroleum products across the country.
He also noted that while prices may vary from area to area, the government’s goal is to make fuel more accessible, which will ultimately lead to price stability.
Lokpobiri, however, clarified that the Federal Government will not have any influence in setting fuel prices as the sector remains regulated.
He said that as availability of products increases, market forces are expected to 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 said.
Tinubu is currently on an official visit to China where he is attending the FOCAC summit.
