President Bola Tinubu has tasked Vice President Kashim Shettima with leading a high-level meeting to address the ongoing challenges in Nigeria’s oil and gas sector, particularly issues related to fuel pricing and scarcity. This follows the recent hike in petrol prices from N617 to N897 per litre.
On Thursday, Vice President Shettima met with key industry stakeholders at the Presidential Villa, including the Minister of State for Petroleum Resources, Heineken Lokpobiri; Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; and Executive Director of the Nigerian Midstream, Downstream, and Petroleum Regulatory Authority, Ugbogu Ukoha.
Addressing reporters, Lokpobiri revealed that President Tinubu is deeply concerned about the current challenges in the energy sector and empathises with Nigerians facing difficulties due to fuel shortages and high prices. The President has called for immediate action to stabilise the supply and pricing of petroleum products across the country.
Shettima, following Tinubu’s directive, is leading efforts to ensure that fuel becomes more accessible nationwide. Lokpobiri noted that the government is working to address regional fuel shortages and price disparities, with plans to improve product availability by the end of the week.
Although fuel prices may continue to vary across regions, Lokpobiri clarified that the federal government does not directly control fuel pricing, as the sector remains regulated by market forces. However, he assured Nigerians that increased supply should lead to more stable prices in the near future.
“The administration is committed to resolving the issues within the supply chain to meet the demands of all Nigerians,” Lokpobiri said.
Meanwhile, President Tinubu is currently attending the FOCAC summit in China.
