By Chesa Chesa
On the orders of President Bola Tinubu, Vice-President Kashim Shettima on Thursday summoned the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri; and Group Managing Director of Nigeria National Petroleum Corporation Limited (NNPCL), Mele Kyari, to find solution to availability of petrol nationwide as anger and frustration grow over recent price increase of the product.
Also at the emergency meeting at the Aso Rock Villa, were the National Security Adviser, Nuhu Ribadu; and the Executive Director, under the Nigerian Mainstream, Downstream and Petroleum Regulatory Authority, Ugbogu Kalu Ukoha.
Emerging from the parley at the Vice-President’s office, Lokpobiri told State House correspondents that President Tinubu, who is on official visit to China, has been empathetic to the difficulties Nigerians are currently experiencing since Tuesday when official petrol price was jacked up from N617 per litre to N897.
The President therefore, ordered immediate action to ensure stability in fuel supply and pricing, for which the Vice President, in line with the President’s directive, is spearheading the efforts.
This intervention is expected to address the uneven distribution of petrol, with some areas facing shortages while others experience higher prices, he assured while stressing that measures are being put in place to increase the availability of petroleum products nationwide by the end of the week.
Lokpobiri also clarified that the government is not setting fuel prices, as the sector remains regulated but he explained that with increased product availability, it is expected that market forces will bring petrol prices to a more stable level.
His words: “The President 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.
“What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country. The price could be high in some other areas, much more higher in some other locations.
“This sector is deregulated and we believe that with the availability of products, the price will find its level.
“There is enough product in the country to be able to meet the demands of Nigerians, there should be no panic buying. And we also believe that Nigerians need to know that government is not fixing prices.”
Also addressing journalists, the Executive Director at Nigeria Mainstream, Downstream Petroleum Regulatory Authority, Ukoha said all regulatory efforts are now geared towards stabilizing supply so as to ensure the stability of price.
“To that objective, the regulator is ensured that there’s increased operating hours from all loading depots, vessels are being cleared promptly and extended hours where safety can permit for truck outs as well.
“More importantly also is the reinforcement of the support being given to local refinance, because with increased production from them, we, indeed, like the Minister has said, there will be higher supply, which will stabilize the price. That’s the effort that the regulator is making”, Ukoha added.
