New Fuel Price: President Tinubu Issues Fresh Directives to NNPCL and Stakeholders
By Wisdom Tide
05/09/2024
In response to the ongoing challenges in Nigeria's oil and gas sector, President Bola Tinubu has tasked Vice President Kashim Shettima with convening a high-level meeting to address the current issues of fuel pricing and scarcity. As part of this initiative, Vice President Shettima met with key stakeholders at the Presidential Villa on Thursday, including the Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri; the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari; and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Ugbogu Ukoha.
Speaking to reporters after the meeting, Minister Lokpobiri acknowledged that President Tinubu is deeply concerned about the difficulties facing Nigerians due to the fuel crisis. He emphasized the President's commitment to taking immediate action to stabilize fuel supply and pricing across the country.
“The President is acutely aware of the challenges the nation is facing in the energy sector and has directed immediate steps to address these issues. Vice President Shettima is spearheading efforts to ensure that petroleum products are available nationwide,” Lokpobiri stated.
He further explained that this intervention aims to resolve the uneven distribution of fuel, which has led to shortages in some regions and higher prices in others. Lokpobiri assured Nigerians that measures are being implemented to improve the availability of petroleum products across the country, with expectations that these efforts will bear fruit by the end of the week.
While acknowledging regional variations in fuel prices, Lokpobiri clarified that the government is not directly involved in setting fuel prices, as the sector remains deregulated. He expressed optimism that increased fuel availability would allow market forces to drive prices toward a more stable level.
“The government is fully committed to resolving these challenges and ensuring the supply chain meets the needs of all Nigerians in the coming days,” the Minister added.
President Tinubu is currently on an official visit to China, where he is attending the Forum on China-Africa Cooperation (FOCAC) summit.
This development comes after a significant hike in fuel prices earlier in the week, with the pump price rising from ₦617 to ₦897 per litre, further exacerbating the concerns of many Nigerians.
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