The minister of state for petroleum, Heineken Lokpobiri, has assured the public that the fuel crisis would soon be resolved, saying the NNPCL has sufficient fuel supplies to meet national demand. Lokpobiri made the claims after a meeting with Vice President Kashim Shettima, also attended by the chief executive officer of the Nigerian National Petroleum Company (NNPC), Mele Kyari, and national security adviser, Nuhu Ribadu.
Lokpobiri urged Nigerians to remain calm, adding that increased availability of petroleum products would foster competition and drive down prices.
He further emphasised that the government was not responsible for recent hikes in fuel costs.
He said, “We have been with the vice president to brief him about what is going on across the country.
“What is important is for us to convey to Nigerians that the President is empathetic about what is happening in the country. He is concerned about the hardship of Nigerians, which is why he directed the Vice President to call this meeting, for us to reflect on the situation.
“What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.
“The price could be high in some areas, much higher in others, and in some locations, much higher than in other areas, but we believe that once there is availability of products across the country, the price itself will stabilise.
He stressed that government is not the one fixing petroleum prices.
“This sector is deregulated. We believe that with the availability of products, the price will find its level. This is important for Nigerians to know.
“The summary is that the President is empathetic about what’s going on. That’s why he directed this meeting. There is enough product in the country to meet the demands of Nigerians; there should be no panic buying.
“And we also believe that Nigerians need to know that the government is not fixing prices. That is what I want to convey to Nigerians.”
For his part, Mugo Kalu Okuoha, the executive director at the Nigeria Mainstream Downstream Petroleum Regulatory Authority, said all regulatory efforts are now geared towards stabilising supply, which has a positive impact on price stability.
He said, “To that objective, the regulator has ensured increased operating hours from all loading depots, vessels are being cleared promptly, and extended hours where safety permits for truck-outs as well.
“More importantly, there is also a reinforcement of the support being given to local refiners because with increased production from them, as the minister has said, there will be higher supply, which will stabilise the price. That’s the effort the regulator is making.”
