Fuel Price Hike: President Tinubu Orders Emergency Meeting Over Fuel Price Increase, Scarcity

… As Minister promises increased availability, competition to drive down prices

Vice-President Kashim Shettima, on behalf of President Bola Tinubu, met on Thursday with the authorities of the nation’s petroleum sector.

The meeting was part of government’s move to douse tension over the recent hike in petroleum pump price and the scarcity of the product across the country.

The emergency meeting, which took place at the vice-president’s office in the State House Abuja, had the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari; and the National Security Adviser (NSA), Nuhu Ribadu, in attendance.

NNPC Limited had on Tuesday directed its fuel sales outlets to increase their pump prices from the average of N617 to N897, a development which has almost immediately spiked prices, including market commodities and transportation.

Addressing newsmen after the meeting, the Minister of State for Petroleum Resources, Lokpobiri, while assuring the public that the fuel crisis would soon be resolved, said NNPC has sufficient fuel supplies to meet national demand.

He urged Nigerians to remain calm, adding that increased availability of petroleum products would foster competition and drive down prices.

Lokpobiri further stressed that government was not responsible for the recent hikes in fuel costs.