A flurry of activities is going on to end the crippling petrol scarcity in the country.

The Dangote Refinery which announced the rollout of the product from its plant on Tuesday could not make it available for at the pumps yesterday as promised.

President Bola Ahmed Tinubu, who is away in China on official assignment, directed a meeting chaired by Vice President Kashim Shettima, attended by Minister Heineken Lokpobiri, oil giant chief Mele Kyari and National Security Adviser (NSA) Nuhu Ribadu.

Petrol scarcity has been biting since July, with queues worsening across cities.

On the day Dangote Refinery commenced petrol production with a promise to make it available in 48 hours, the Nigerian National Petroleum Company (NNPC) Limited filling stations adjusted their meters to reflect new prices.

Petrol which sold for N568 at NNPCL filling stations in Lagos went for N855 per litre.

In Abuja where it sold for N617, the oil firms filling stations moved the price to N897.

Petroleum regulatory agencies took significant steps and gave assurances that petrol would soon flood the market.

Dangote Refinery yesterday said NNPCL was yet to lift petrol from its facility.

Group Chief Branding and Communications Officer, Mr. Anthony Chiejina, in a statement, said the issue of fixing the price of petrol was not yet decided as the refinery was yet to finalise its contract with NNPCL.

The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.

We are guaranteeing Nigerians of exceptionally high-quality petroleum products that will be readily available all over the country, the company said.

A source said yesterday that one issue to be considered while discussing with the government is the cost of production or what was termed production template.

The price will be determined by this, the source said.

On whether the refinery will apply the new template made public on Tuesday, the highly knowledgeable source said that would depend on what Dangote Refineries presents as its production cost.

Speaking on a television programme yesterday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun, said foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in petrol prices.

These, he said, are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021.

He explained that the current fuel scarcity was expected to subside in a few days as more stations recalibrate their metres and begin selling PMS.

He said Section 205 of the PIA, which established NNPC Ltd., stipulates that petroleum prices were determined by unrestricted free market forces.

Segun said: The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd.

Additionally, the exchange rate plays a significant role in influencing these prices.

On the commencement of lifting PMS from the Dangote Refinery, Segun said that NNPC Ltd. Was awaiting the September 15 timeline provided by the Refinery.

Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPCL has nearly a thousand filling stations nationwide and was collaborating with marketers to ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.

We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations, he said.

To tackle the scarcity, the Nigerian Midstream, Downstream Petroleum Regulatory Authority (NMDPRA) said it has intensified regulatory efforts to stabilise supply.

Executive Director, Distribution Systems, Storage & Retailing Infrastructure, Ogbugo Kalu Ukoha, spoke with reporters after briefing Vice President Shettima.

Ukoha explained that the regulator has increased operating hours at loading depots, ensured prompt clearance of vessels, and extended truck-out hours where safety permits.

He also highlighted the reinforcement of support for local refiners, noting that increased production will lead to higher supply, stabilising prices.

All regulatory efforts are now geared towards stabilising supply, with a resultant impact that it will be positive also on the stability of price.

The regulator has ensured 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.

More importantly also is the reinforcement of the support being given to local refiners because, with increased production from them, there will be higher supply, which will stabilise the price.

Thats the effort that the regulator is making, Ukoha said.

Lokpobiri reassured Nigerians of adequate availability of petroleum products, which he said are expected to circulate nationwide by the weekend.

The minister said there was enough product in the country to meet the demands of Nigerians, and urged citizens not to engage in panic buying.

He expressed optimism that with the availability of products, prices will stabilise.

We were summoned by the Vice President, who was directed by the President to call this meeting and weve been with him to brief him about what is going on across the country.

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.

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.

The price could be high in some other areas, much higher in some other locations, and in some locations much more than other areas, but we believe that by the time there is availability of products across the country, the price itself will stabilise.

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 Nigerians to know, Lopkobiri said.

Kwara State Governor AbdulRahman AbdulRazaq directed the immediate deployment of buses to different parts of the metropolis to ease the movement of commuters.

The buses are to take people to the most central destinations free of charge.

We hope that persons attending the SUBEB job placement interviews would find this helpful, particularly in the metropolis, he said.

The governor also appealed to transporters and members of the public to exercise patience over the new fuel price hike, saying different government stakeholders are reviewing the situation with public good as a top priority.

The inconveniences are regretted, and we are confident that things will ease as soon as possible, it added.

Reps caucus demands reversal

But, the minority caucus of the House of Representatives called for the immediate reversal of the pump price hike.

The caucus said In a statement that the action of increasing the price of PMS disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizens.

The statement signed by the Minority Leader, Kingsley Chinda, entitled Reverse petrol prices now, urged the President to immediately put in place urgent measures to address the connection between dire economic conditions and social unrest rather than create conditions that exacerbate the already dire economic conditions.

The statement reads In part: The Minority Caucus of the House of Representatives vehemently condemns the recent announcement by the NNPCL to increase the price of petrol.

This development is not only ill-timed but also grossly insensitive to the harsh economic conditions currently being experienced by Nigerians across the country.

It said the hike would worsen hardship and could lead to more protests.

The resulting unrest and chaos serve as stark reminders that economic instability can quickly escalate into broader social and political instability.

While it is crucial for all stakeholders, including government, businesses, and civil society, to work collaboratively to address these economic challenges and restore stability before the situation deteriorates further.

Tinubus government should as a matter of urgency address the connection between dire economic conditions and social unrest rather than create conditions that exacerbate the already dire economic conditions.

The National Union of Road Transport Workers (NURTW) and the Tricycle Owners Association of Nigeria (TOAN) in Niger announced an increase in transport fares due to the sharp rise in petrol prices.

Leaders of the unions attributed the fare hike to the recent surge in fuel prices and the rising cost of vehicle parts, both of which are impacting their operations.

Malam Ibrahim Musa, Chairman of NURTW Branch III, Abdulsalami Abubakar Garage, Minna, stated that the fare from Minna to Abuja has been raised from N6,000 to N7,000.

Similarly, he said that the fare for Minna to Kaduna has increased from N6,500 to N8,000.

According to him, fares from Minna to Zuba and Diko now stand at N4,000 and N3,500, respectively, up from N3,500 and N3,000.

Musa appealed to both the Federal and State governments to urgently address the rising costs affecting the transport sector before operators are forced out of business.

Similarly, Abubakar Ndanusa, Chairman of TOAN in Niger, highlighted the burden of higher fuel costs and the rising price of tricycles.

The price of a new tricycle has skyrocketed to between N3.2 million and N3.5 million. Many of us are on hire purchase agreements, making the cost even higher.

We have no choice but to increase fares by N50 to N100 per drop, depending on the distance, he said. (The Nation)

Dangote Refinery