The increase in fuel prices and product shortages has caused significant distress nationwide, leading to widespread frustration among citizens and concerns about its impact on the economy. The sharp rise in transportation costs and the ripple effect on goods and services have hit Nigerians hard, prompting the government to take urgent action. The meeting reflected Tinubu’s immediate response to the growing crisis.
After the meeting, Minister Heineken Lokpobiri explained the government’s position, emphasizing that President Tinubu was taking proactive measures to address the issue. “We were summoned by the Vice President who was directed by Mr. President to summon this meeting, and we have been with him to brief him about what is going on across the country,” Lokpobiri said.
The Vice President was also deeply involved in ensuring that the concerns of the people were heard. Lokpobiri reiterated, “The Vice President summoned us and we’ve been with him to brief him about what is going on across the country. And what is important is for us 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 was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country.”
Lokpobiri reassured the public that there is enough fuel in the country to meet the demand, and that supply would improve within days. He stated, “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.”
Despite this assurance, Lokpobiri acknowledged the variation in prices in different regions, noting that certain areas were experiencing significantly higher prices. “The price could be high in some other areas, much higher in some other locations, and in some locations, much more than you know other areas,” he said. However, he expressed optimism that once supply normalizes, the price would stabilize across the country.
Lokpobiri further emphasized that the government would not intervene to fix fuel prices, as the market is deregulated. He clarified, “But what is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigeria to know.”
Summing up the meeting, Lokpobiri reiterated the government’s commitment to addressing the crisis: “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 be able 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.”
Kalu Okuoha, the Executive Director of NMDPRA, also briefed the media and highlighted the regulatory efforts being made to stabilize supply. “All regulatory efforts are now geared towards stabilizing supply, with a resultant impact that it will be positive also on the stability of price,” Okuoha said.
He further elaborated on the practical steps being taken, which included extending the operating hours at all fuel depots, ensuring quick clearance of vessels, and increasing the movement of products by road tankers. “To that objective, the regulator is ensuring that there are increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit for truck-outs as well,” Okuoha noted. He also emphasized the importance of supporting local refiners in increasing their production. “More important also is the reinforcement of the support being given to local refiners because with increased production from them, we, indeed, like the minister, have said, there will be a higher supply, which will stabilize the price. That’s the effort that the regulator is making.”
The meeting also addressed concerns about panic buying, urging Nigerians to avoid hoarding products and assuring them that sufficient supply would soon reach all regions of the country. The government reassured citizens that there is no cause for alarm, as measures were being put in place to ensure a steady flow of petroleum products.
The issue of fuel scarcity has long been a sensitive matter in Nigeria, where the economy heavily depends on petroleum products. In recent months, the deregulation of the downstream sector, which includes the removal of fuel subsidies, has led to price volatility. While the government maintains that deregulation will ultimately bring long-term benefits, such as increased investment in local refineries and improved efficiency, it has also acknowledged the immediate challenges it poses, especially for ordinary Nigerians.
The outcome of the meeting reflects the government’s intention to address both the supply and pricing issues in the petroleum sector while balancing the economic realities of deregulation. As Nigerians await the stabilization of fuel supply and prices, many are hoping for more long-term solutions to prevent future shortages and price hikes. The government has promised to closely monitor the situation and to continue engaging stakeholders in the petroleum industry to ensure a stable and sustainable fuel supply for the country.CONTINUE FULL READING>>>>>
