In response to the recent surge in petrol pump prices and scarcity of the product across the country, President Bola Tinubu has directed his deputy, Senator Kashim Shettima, to summon top officials to address the issue.
The summoned officials include Minister of State for Petroleum, Heineken Lokpobiri; Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; National Security Advisor; and Executive Director of the Nigeria Mainstream, Downstream Petroleum Regulatory Authority (NMDPRA), Kalu Okuoha.
After the meeting, Lokpobiri briefed State House correspondents, saying that the President is empathetic about the hardship caused by the scarcity and price hike. He assured Nigerians that measures are being taken to address the issue, stating 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.”
Lokpobiri emphasized that the government is not fixing prices, as the sector is deregulated, and that the availability of products will stabilize the price. He urged Nigerians not to panic buy, saying “there is enough product in the country to meet the demands of Nigerians.”
Okuoha added that regulatory efforts are focused on stabilizing supply, which will positively impact price stability. The regulator is working to increase operating hours at loading depots, clear vessels promptly, and support local refiners to increase production and stabilize prices.
