From Juliana Taiwo-Obalonye, Abuja
Vice President Kashim Shettima convened a crucial meeting on Thursday with key figures in Nigeria’s petroleum sector to address the recent surge in petrol prices, which has seen Premium Motor Spirit (PMS) exceed N1,000 per litre in some areas.
The meeting, held at the Presidential Villa, included Minister of State for Petroleum Resources Heineken Lokpobiri, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, National Security Adviser Nuhu Ribadu and Executive Director at Nigeria Mainstream, Downstream Petroleum Regulatory Authority, Mugo Okuoha
Lokpobiri, speaking to State House Correspondents after the meeting, emphasised the government’s commitment to addressing the public’s concerns.
According to him, “The President is empathetic about what is going on in the country. He directed this meeting to reflect on the situation,” he stated.
He assured that “there is enough product in the country” and urged citizens against panic buying, asserting that the market would stabilize as supply increases.
Lokpobiri said: We’ve been with Vice President to brief him about what is going on across the country. And what is important is for us to convey to Nigerians that 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, 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, and in some locations, much more than you know other areas.
“But we believe that by the time there is availability of products across the country, the price itself is stabilized.
“But what is important is that government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find it’s level. And this is important for Nigeria to know.
“The summary is that President is empathetic about what’s going on. That’s why he directed this meeting. 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. That is what I want to convey to Nigerians.”
Executive Director at Nigeria Mainstream, Downstream Petroleum Regulatory Authority, Mugo Okuoha echoed the minister’s sentiments, highlighting ongoing regulatory efforts to ensure a steady supply of fuel. “All regulatory efforts are now geared towards stabilizing supply, which will positively impact price stability,” he said.
Okuoha said: “As the government navigates this sensitive issue, public outrage continues to grow, with various organizations demanding a reversal of the price hike, citing it as a betrayal of previous agreements regarding fuel prices.
“All regulatory efforts are now geared towards stabilizing supply, with a resultant impact that it will be positive also on the stability of price.
“To that objective, the regulator is ensuring 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.”