President Tinubu has instructed NNPCL and oil and gas stakeholders to address ongoing challenges related to fuel availability and pricing.
The task of gathering top officials to tackle the difficulties in the oil and gas sector, including pricing and scarcity problems, has been given by President Bola Tinubu to Vice President Kashim Shettima.
With the aim of achieving this objective, Shettima held discussions on Thursday with various high-ranking officials in Nigeria’s petroleum industry.
These included Mr Heineken Lokpobiri, who serves as Minister of State for Petroleum Resources and Oil; Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL); and Ugbogu Ukoha, Executive Director under the auspices of both Mainstream Downstream and Petroleum Regulatory Authority within Nigeria. The meeting was hosted at the Presidential Villa.
Lokpobiri responded to the questions asked of him by stating that President Tinubu shares his concerns regarding the energy sector’s state, and understands and sympathizes with Nigerians’ current challenges.
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Lokpobiri notes that the President has stressed the importance of prompt contemplation and implementation in securing stability within fuel supply and pricing.
According to him, the Vice President is leading efforts in compliance with the President’s orders, aiming to make petroleum products available throughout the nation.
On Thursday, he informed State House reporters that the aim of this intervention is to tackle the inequitable supply of fuel wherein some regions are facing deficits while others encounter inflated prices.
By the end of the week, he gave his assurance that steps are being taken to enhance the accessibility of petroleum products throughout Nigeria.
He observed that even though prices could differ across regions, the government is committed to making fuel more easily obtainable so as to promote price stabilization.
Lokpobiri clarified that despite being regulated, the federal government has no control over fuel prices.
He stated that as the product becomes more readily available, it is anticipated that market forces will naturally stabilize prices.
According to the Minister, “Our administration’s commitment is unwavering in tackling obstacles and ensuring that the supply chain adequately caters for all Nigerians’ needs in days ahead.”
Currently, Tinubu is on an official voyage to China for the FOCAC summit.
It should be noted that Nigerians experienced changes in fuel pump prices on Tuesday, causing the price per litre to increase from N617 to N897.
