President Bola Tinubu has tasked Vice President Kashim Shettima with leading a crucial meeting to tackle the ongoing issues in Nigeria’s oil and gas sector, particularly concerning pricing and scarcity.

This directive comes in response to recent challenges faced by the industry, including rising fuel prices and inconsistent availability.

In line with this mandate, Vice President Shettima convened a significant discussion on Thursday at the Presidential Villa.

The meeting brought together key figures, including Heineken Lokpobiri, the Minister of State for Petroleum Resources; Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL); and Ugbogu Ukoha, Executive Director of the Nigerian Mainstream, Downstream, and Petroleum Regulatory Authority.

Lokpobiri addressed reporters, confirming that President Tinubu shares concerns about the current state of the energy sector and is fully aware of the hardships Nigerians are enduring.

He emphasized that the President is calling for prompt and effective actions to stabilize fuel supply and pricing.

The Vice President’s efforts are focused on improving the distribution of petroleum products across the country, aiming to resolve the discrepancies where some regions face shortages while others encounter inflated prices.

Lokpobiri assured that measures are being implemented to enhance fuel availability nationwide, with expectations of improved accessibility by the end of the week.

While acknowledging that regional price variations might persist, Lokpobiri highlighted the government’s commitment to making fuel more accessible, which should ultimately contribute to more stable prices.

He clarified that the federal government does not control fuel prices directly, as the sector operates under market regulations.

The administration remains dedicated to resolving these challenges and ensuring a steady supply chain to meet the needs of all Nigerians shortly.

This initiative follows recent adjustments in fuel pump prices, which surged from N617 to N897 per litre.

President Tinubu is currently attending the FOCAC summit in China, focusing on international engagements as part of his official trip.