VP Sen Kashim Shettima, held a meeting with the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari and the National Security Adviser (NSA), Nuhu Ribadu, on Thursday, September 5, over the recent hike in the price of petrol in the country.
The Vice President met with the trio at the State House in Abuja over the recent decision by the NNPC to increase the price of petrol at its filling stations to ₦897 per litre.
The meeting conveyed by Shettima, was based on a directive by President Bola Tinubu aimed at addressing the challenges in the oil and gas industry, especially the current prevailing challenges of pricing and scarcity.
Briefing newsmen after the meeting, which also had in attendance the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ugbogu Ukoha, Lokpobiri said President Tinubu is worried about the ongoing developments in the energy sector, and is equally sympathetic to the plight of Nigerians.
The Minister added that President Tinubu has mandated them to take action to ensure stability in fuel supply and pricing.
He said in line with Tinubu’s directive, Vice President Shettima 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 said.
While cautioning against panic buying, he assured Nigerians that measures are being put in place to ensure the scarcity and queues at filling stations disappear 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 fuel price is determined by market forces and not the federal government, as the sector remains deregulated.
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.
