President Bola Tinubu has mandated Vice President Kashim Shettima to convene a high-level meeting aimed at addressing the pressing issues of fuel availability and pricing.
This directive comes amid growing concerns over fuel scarcity and soaring prices that have left many Nigerians struggling.
The meeting, held at the Presidential Villa, included key figures such as the Minister of State for Petroleum Resources, Heineken Lokpobiri, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and Ugbogu Ukoha from the Nigerian Mainstream, Downstream and Petroleum Regulatory Authority.
Highlighting the urgency of the situation, Lokpobiri stated, "President Tinubu is equally worried about the developments in the energy sector. He is empathetic to the difficulties Nigerians are currently experiencing." He emphasized the need for immediate action to ensure stability in fuel supply and pricing.
Vice President Shettima is spearheading efforts to make petroleum products more 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," Lokpobiri told reporters. Measures are being put in place to increase the availability of petroleum products nationwide by the end of the week.
While acknowledging that prices may vary in different regions, the government aims to stabilize prices through increased product availability. "With increased product availability, it is expected that market forces will naturally bring prices to a more stable level," Lokpobiri added.
Despite the federal government's non-intervention in setting fuel prices due to sector regulation, the administration remains committed to resolving these challenges.
"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," Lokpobiri assured.
President Tinubu, who is currently attending the FOCAC summit in China, has made it clear that stabilizing the fuel supply and pricing is a top priority for his administration.
This comes after Nigerians woke up to fuel pump price adjustments on Tuesday, which saw the price per litre rise from N617 to N897.
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