Tinubu Takes Action on Nigeria’s Fuel Price and Supply Issues

Bola Tinubu

President Bola Tinubu has tasked Vice President Kashim Shettima with spearheading an urgent response to the fuel pricing and supply challenges affecting Nigeria's energy sector. On Thursday, Shettima held a crucial meeting with top industry leaders at the Presidential Villa to address these ongoing issues.

Among those in attendance were the Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ugbogu Ukoha.

Following the discussions, Lokpobiri stated that President Tinubu is highly concerned about the current energy crisis and the difficulties Nigerians are facing due to rising fuel costs and scarcity. He emphasized the administration's commitment to immediate measures that will stabilize both the availability and pricing of fuel across the nation.

In line with the President’s directive, Vice President Shettima is coordinating efforts to ensure petroleum products are accessible in all regions. This initiative aims to address the disparities, with some areas experiencing shortages while others face inflated prices.

Lokpobiri assured the public that by the end of the week, there would be significant improvements in fuel availability. While acknowledging that regional price differences might persist, the government’s focus remains on making fuel more accessible and stabilizing prices over time.

He also clarified that the federal government does not regulate fuel prices, which are instead determined by market forces. However, as supply increases, it is anticipated that prices will naturally level out.

"The administration remains dedicated to resolving these challenges and ensuring the fuel supply chain meets the demands of Nigerians," Lokpobiri reiterated.

Meanwhile, President Tinubu is attending the FOCAC summit in China.

This meeting follows a sharp fuel price hike earlier in the week, with the cost per liter rising from N617 to N897.