VP Shettima Meets Petroleum Minister, NNPC Chief, NSA Over Petrol Price Hike

Vice President Kashim Shettima held a meeting on Thursday with the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, and National Security Adviser (NSA) Nuhu Ribadu to discuss the recent spike in petrol prices.

The meeting, held at the State House in Abuja, followed the NNPC’s decision to raise petrol prices at its filling stations to ₦897 per litre. It was convened on the directive of President Bola Tinubu, aiming to tackle challenges in the oil and gas sector, including pricing and supply shortages.

Following the discussions, Minister Lokpobiri briefed reporters, revealing that President Tinubu is deeply concerned about the situation in the energy sector and sympathetic to the difficulties faced by Nigerians.

The President, through the Vice President, has tasked the team with stabilizing fuel supply and pricing across the country. Lokpobiri assured the public that measures are being implemented to address fuel distribution issues, which have led to shortages in some areas and inflated prices in others.

He further urged Nigerians to avoid panic buying, emphasizing that fuel scarcity and long queues at filling stations should ease by the end of the week. While regional price differences may persist, the government is working to ensure fuel becomes more widely available, contributing to price stabilization.

The Minister also clarified that petrol prices are determined by market forces under the deregulated system, not by the federal government. With increased product availability, Lokpobiri expressed optimism that market dynamics would soon lead to more stable fuel prices.

The administration, he added, remains committed to resolving the challenges in the fuel supply chain to meet the needs of Nigerians in the coming days.