Tinubu orders emergency action on fuel price crisis

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 industry, particularly the issues of fuel pricing and scarcity.

On Thursday, Vice President Shettima met with key figures in the energy sector at the Presidential Villa, including the Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the Executive Director of the Nigerian Mainstream, Downstream and Petroleum Regulatory Authority, Ugbogu Ukoha.

Addressing the press after the meeting, Minister Lokpobiri shared that President Tinubu is deeply concerned about the current situation in the energy sector and the hardships Nigerians are facing due to fuel shortages and rising prices. The President has called for immediate action to stabilize the supply and pricing of fuel across the country.

The Vice President, following the President’s directive, is leading efforts to ensure that petroleum products are readily available nationwide. This intervention aims to resolve the uneven distribution of fuel, where some areas are experiencing shortages and others are facing higher prices.

Lokpobiri assured the public that steps are being taken to increase the availability of fuel by the end of the week. While acknowledging that fuel prices may vary in different regions, he emphasized that the government’s primary goal is to make fuel more accessible, which should help stabilize prices over time.

He also clarified that the federal government does not set fuel prices, as the sector is regulated by market forces. However, with improved product availability, it is expected that prices will naturally become more stable.

“The administration is committed to resolving these challenges and ensuring that the fuel supply chain can meet the demands of all Nigerians in the coming days,” Lokpobiri stated.

Meanwhile, President Tinubu is currently in China, attending the FOCAC summit.

This meeting comes after Nigerians witnessed a sharp increase in fuel prices earlier this week, with the cost per litre jumping from N617 to N897.