Nigeria’s Vice President, Kashim Shettima, on Thursday met with the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the National Security Adviser, Nuhu Ribadu and the Group Chief Executive Officer of Nigeria’s National Petroleum Corporation Limited (NNPCL), Mele Kyari at the Presidential Villa, Abuja.
The meeting was aimed at finding a lasting solution to the current outcry generated by the recent increase in the price of premium motor spirit (PMS), popularly known as petrol.
Addressing State House Correspondents at the end of the meeting, which lasted about 30 minutes, Minister of State for Petroleum Resources, Heinekin Lokpobiri, said they were summoned by the Vice President as directed by President Bola Tinubu.
The Minister added that there is no course for panic because there are enough petroleum products in stock.
“We were summoned by the Vice President who was directed by the President to convene this meeting and we have briefed the Vice President on what is going on in the country.
“We want 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 is why he directed that this meeting be called to reflect on what is going on in the country.
“Petroleum products are available in the country and we believe that between now and the end of the week, there will be availability of products across the length and breadth of the country. The price could be high in some areas and much more in some other locations but we believe that by the time there is availability of the products across the country, the price itself will stabilize,” he explained.
Lokpobiri reiterated that contrary to insinuations, the prices of petroleum products are not set by the government.
“What is important is that the government is not fixing prices. The sector is deregulated and we believe that with the availability of products, the price will find its level,” he added.
An Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr Ugbogu Ukoha, said all regulatory efforts are now geared towards stabilising supply across the country, with the resultant impact expected to be a stability of price.
“We have ensured that there are increased operating hours within all depots and vessels are being cleared promptly. We are also reinforcing the support being given to local refineries,” he said.
Nigerians woke up to an unexpected increase in the pump price of petrol on Tuesday, from N617 to N897 per litre, generating public outcry but the government promptly cleared the air, saying it does not regulate prices.
The Nigeria National Petroleum Corporation Limited (NNPCL) also denied changing the pump price.
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