Vice President Kashim Shettima has called an urgent meeting with key stakeholders to address the issue and convey the government's empathy towards the economic hardships faced by citizens.
The meeting, held on September 5th, 2024, included the Minister of State for Petroleum Resources Heineken Lokpobiri, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, and National Security Adviser Mallam Nuhu Ribadu.
Senator Heineken Lokpobiri clarified that the Federal Government was not responsible for the recent hike in petrol prices, attributing it to the deregulated nature of the sector. "This sector is deregulated. And we believe that with the availability of products, the price will find its level," Lokpobiri stated while briefing State House correspondents after the meeting.
The Vice President emphasized the President's concern for the plight of Nigerians. "He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country," Lokpobiri added.
Ogbugo Ukoha, Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), highlighted ongoing regulatory efforts aimed at stabilizing the supply of petrol across the country.
"The objective of the regulator is to ensure that there are increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well," Ukoha explained.
The price of petrol recently surged from ₦568-₦617 per litre to ₦855-₦897 per litre, depending on the location. However, Lokpobiri assured that measures were being taken to ensure the availability of fuel nationwide, which would help stabilize prices. "We believe that by the time there is availability of the product across the country, the price itself will stabilise," he said.
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