President Bola Tinubu has instructed Vice President Kashim Shettima to lead a high-level meeting focused on resolving critical challenges in the oil and gas sector, particularly concerning pricing and scarcity.
On Thursday at the Presidential Villa, Shettima convened with key stakeholders, including Minister of State for Petroleum Resources, Heineken Lokpobiri, Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and Executive Director of the Nigerian Mainstream, Downstream, and Petroleum Regulatory Authority, Ugbogu Ukoha.
Lokpobiri addressed reporters, emphasizing President Tinubu’s concern and empathy towards the ongoing difficulties faced by Nigerians.
The President has called for urgent reflection and action to stabilize fuel supply and pricing, according to Lokpobiri.
The Vice President is tasked with leading efforts to ensure nationwide access to petroleum products. This intervention aims to rectify fuel distribution imbalances and address the price variations across regions.
Lokpobiri assured that measures are being implemented to improve fuel availability by the end of the week and stabilize prices through market forces.
Despite these efforts, Lokpobiri clarified that the federal government does not set fuel prices, as the sector remains regulated. He affirmed that the administration is dedicated to resolving supply chain issues and meeting the demands of Nigerians.
Currently, President Tinubu is attending the FOCAC summit in China, amid recent fuel price hikes that saw the price per litre surge from N617 to N897.