President Bola Tinubu has ordered Vice President Kashim Shettima to call a high-level conference with NNPCL, Oil and Gas Stakeholders to tackle the problems facing the oil and gas sector, particularly the ongoing problems with fuel scarcity and cost.

To achieve this, Shettima on Thursday, 5 September 2024, met with the Minister of State for Petroleum Resources and Oil, Mr. Heineken Lokpobiri; the Executive Director of the Nigerian Mainstream, Downstream, and Petroleum Regulatory Authority, Ugbogu Ukoha; and the Group Managing Director of the Nigerian National Petroleum Company Limited, (NNPCL), Mele Kyari.

In response to questions, Lokpobiri stated that President Tinubu is similarly concerned about the developments in the energy industry and expressed empathy for the challenges that Nigerians are currently facing in terms of fuel scarcity and high cost

To guarantee stability in the gasoline supply and price, Lokpobiri claims that the President has underlined the necessity of quick thought and action. He added that Vice President is leading the charge to make sure petroleum items are available nationwide, according to the President’s direction.

He told reporters at the State House on Thursday, 5 September 2024, that “this intervention is expected to address the uneven distribution of fuel, with some areas facing shortages while others experience higher prices.”

He assured Nigerians that, by the end of the week, more petroleum products will be available across the country. He added that although regional price differences may exist, the government’s objective is to make fuel more widely available, which will eventually contribute to price stability.

However, Lokpobiri made it clear that since the petroleum industry is still controlled, the federal government does not influence fuel pricing. According to him, as more products become available, market forces should inevitably push prices down to a more stable level. He also declared, “The administration remains committed to addressing the challenges and making sure that the supply chain can meet the demands of all Nigerians in the coming days.”

Recall that on Tuesday, 3 September 2024, Nigerians awoke to the news of gasoline pump price revisions, which increased the per-litre cost from N617 to N897.

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