Vice President Kashim Shettima Thursday summoned an emergency meeting with the National Security Adviser (NSA) Mr Nuhu Ribadu, the Minister of State for Petroleum Resources (Oil) Mr Heineken Lokpobiri and the Group Chief Executive Officer of the Nigeria National Petroleum Company (NNPC) Limited Mr Mele Kyari over hike in the pump price of premium motor spirit, otherwise known as fuel.
Addressing State House correspondents at the end of the meeting, the Minister of State for Petroleum Resources (Oil) Mr Heineken Lokpobiri said there was no course for panic because there were sufficient petroleum products in the country.
“We were summoned by the Vice President who was directed by the President to convene this meeting and we have briefed the Vice President on what is going on in the country.
“We want 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 is why he directed that this meeting be called to reflect on what is going on in the country.
“Petroleum products are available in the country and we believe that between now and the end of the week, there will be availability of products across the length and breadth of the country. The price could be high in some areas and much more in some other locations but we believe that by the time there is availability of the products across the country, the price itself will stabilise,” he said.
He said contrary to insinuationsd in some wuarters, the pump prices of petroleum products were not set by the government.
“What is important is that the government is not fixing prices. The sector is deregulated and we believe that with the availability of products, the price will find its level,” he said.
Also speaking, an Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr Ugbogu Ukoha, said regulatory efforts were geared towards stabilising supply across the country.
“We have ensured that there are increased operating hours within all depots and vessels are being cleared promptly. We are also reinforcing the support being given to local refineries,” he said.
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