September 5, 2024 — President Bola Tinubu has directed Vice President Kashim Shettima to convene an urgent meeting with key stakeholders in response to the recent increase in petrol prices and the ongoing scarcity of the product across various parts of Nigeria. The meeting, held on Thursday, brought together key figures including the Minister of State for Petroleum, Heineken Lokpobiri; Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; National Security Advisor (NSA); and Executive Director of the Nigeria Mainstream, Downstream Petroleum Regulatory Authority (NMDPRA), Kalu Okuoha.
Following the meeting, Lokpobiri addressed State House correspondents, stating that the purpose of the gathering was to brief the Vice President on the current state of the fuel crisis and to emphasize the President’s concern for the hardships faced by Nigerians. Lokpobiri assured the public that the President is empathetic towards the difficulties caused by the fuel price increase and is committed to addressing the issue.
“The Vice President was directed by Mr. President to summon this meeting to discuss the situation across the country. The President is deeply concerned about the current hardship and has directed this meeting to address the matter,” Lokpobiri said.
He noted that while some areas may experience higher prices due to the scarcity, the government anticipates that the situation will improve with increased availability of fuel. “What is important is that products are available in the country. We believe that by the weekend, there will be a more stable supply of products across the country. The price may be high in some areas but should stabilize once availability improves,” he explained.
Lokpobiri also clarified that the government is not involved in fixing fuel prices, as the sector is deregulated. He urged Nigerians to avoid panic buying and assured them that the government is actively working to resolve the issue.
In his briefing, Kalu Okuoha of NMDPRA highlighted regulatory efforts aimed at stabilizing both supply and prices. “All regulatory efforts are now focused on stabilizing supply, which we believe will positively impact price stability. We are ensuring increased operating hours at loading depots, prompt clearance of vessels, and extended truck-out hours where safety permits,” Okuoha said. He also emphasized the support being provided to local refiners to boost production and contribute to a more stable supply.
The coordinated efforts by the government and regulatory bodies aim to address the ongoing fuel crisis and alleviate the economic strain on Nigerians.
