FG sends important message to Nigerians amidst fuel Scarcity
FG gave the assurance through the Minister of State for Petroleum, Heineken Lokpobiri on Thursday who addressed reporters at the State House after a meeting with Vice President Kashim Shettima at the Presidential Villa in Abuja.
The meeting was convened by the Vice President and included the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and National Security Adviser Nuhu Ribadu. The discussions focused on addressing the recent hike in petrol prices and ensuring stable supply across the country.
Lokpobiri highlighted that President Bola Tinubu was concerned over the hardships faced by Nigerians due to the current fuel situation.
He emphasised that the government is actively working to stabilise both the availability and pricing of petroleum products to ease the burden on citizens.
“The President is empathetic about what is going on in the country. He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting,” Lokpobiri said.
He noted that efforts are being made to ensure the availability of products nationwide by the weekend, which he believes will help stabilize prices.
Lokpobiri stressed that the government is not fixing fuel prices due to the deregulated nature of the sector.
“The price could be high in some areas, much higher in other locations, but with availability, the price will find its level. The summary is that the President is empathetic about what’s going on. There should be no panic buying, and Nigerians need to know that the government is not fixing prices,” he added.
Also speaking, Mugo Okuoha, Executive Director at the Nigerian Midstream and Downstream Petroleum Regulatory Authority, highlighted the regulatory measures being put in place to stabilize supply and prices.
“All regulatory efforts are now geared towards stabilizing supply, with a resultant impact that will be positive also on the stability of price. Increased operating hours at all loading depots and extended hours for truck outs are among the steps being taken,” Okuoha stated.
Okuoha also emphasized the importance of supporting local refineries to boost production, a move expected to contribute significantly to price stabilization. “With increased production from local refineries, there will be higher supply, which will stabilize the price,” he noted.
In the past days, the price of petrol had increased from N855 to N897 per litre, depending on the location, from the previous N568-N617, a development that has impacted the livelihood of many Nigerians.
