Fuel Price Increase Meeting. On Thursday, September 5, 2024, Vice President Kashim Shettima summoned an emergency meeting at the State House in Abuja to address the recent increase in the price of Premium Motor Spirit (PMS), commonly known as petrol. The meeting was held at the directive of President Bola Tinubu. It gathered key figures from the petroleum sector. Notable attendees included Heineken Lokpobiri, Mele Kyari, and Nuhu Ribadu.
Fuel Price Increase Meeting: Government Assures Nigerians of Sufficient Fuel Supply
After the meeting, Minister Lokpobiri addressed the media. He assured Nigerians that the fuel crisis would soon resolve. Lokpobiri emphasized that sufficient fuel supplies are available to meet national demand. He stated that the NNPC has sufficient fuel supplies to meet national demand and urged citizens to remain calm.
Lokpobiri emphasized that the government is not responsible for the recent hikes in fuel costs, as the sector remains deregulated. He expressed confidence that increased availability of petroleum products would foster competition and drive down prices.
Fuel Price Increase Meeting: Regulatory Efforts to Stabilize Supply and Prices
The Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ugbogu Ukoha, also spoke at the press conference. He outlined the regulatory efforts aimed at stabilizing supply across the country.
Ukoha mentioned several measures to address the fuel crisis. First, they increased operating hours at all depots. Second, they promptly cleared vessels. Third, they reinforced support for local refineries. These measures should stabilize fuel supply and prices.
President Tinubu’s Concern for Nigerians’ Welfare
Lokpobiri conveyed President Tinubu’s empathy towards the challenges faced by Nigerians due to the fuel price hike. He stated that the President cares about the hardship citizens face. Consequently, he directed the Vice President to take action. This action aims to ensure stability in fuel supply and pricing.
The Minister however, assured that by the end of the week, fuel scarcity and queues at filling stations are expected to disappear, and prices will stabilize across the country.
Deregulation and Market Forces to Determine Prices
Throughout the press conference, Lokpobiri emphasized that the government is not fixing fuel prices, as the sector remains deregulated. He reiterated that with increased product availability, market forces will naturally bring prices to a more stable level.
The administration therefore remains committed to addressing the challenges in the petroleum sector and ensuring that the supply chain can meet the demands of all Nigerians in the coming days.
