Vice President Kashim Shettima has called a meeting with key officials, including Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, Mele Kyari, Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), and Mallam Nuhu Ribadu, National Security Adviser, to address the recent increase in fuel prices.
Senator Lokpobiri, addressing the media after the meeting, clarified that the Federal Government was not responsible for the price hike, citing the deregulation of the petroleum sector. He emphasized that the government’s role was not to fix prices but to ensure the availability of products. Lokpobiri assured that with increased availability, prices would stabilize.
He also noted that President Tinubu was empathetic towards the economic challenges faced by Nigerians and had directed the Vice President to convene the meeting to discuss the situation.
Ogbugo Ukoha, Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), outlined regulatory efforts aimed at stabilizing petrol supply and, consequently, prices. These efforts include extending operating hours at loading depots and supporting local refining to boost production and stabilize prices.
The price of petrol recently increased from ₦855 to ₦897 per litre, up from the previous range of ₦568-₦617, depending on the location.
