President Bola Ahmed Tinubu has made a commitment to the Nigerian people, assuring them of continuous access to fuel at the lowest possible prices.
The president conveyed this message through his social media account on June 8. He emphasized that his administration is dedicated to maintaining a competitive, stable, and transparent oil market, and called on oil marketers to collaborate with the government in order to ensure consistent supply and affordable fuel products throughout the country.
President Tinubu's assurance comes in the context of the removal of fuel subsidies, with his administration striving to ensure that this decision does not hinder the availability of fuel at affordable prices.
The president recently held a meeting with representatives from major oil marketers' associations, during which he expressed his unwavering commitment to achieving a healthy and transparent oil market. He urged the marketers to work hand in hand with the government to ensure the regular distribution of fuel and convenient access for Nigerians, while keeping prices as low as possible.
This commitment follows a meeting between President Tinubu and the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) on June 7. DAPPMAN, led by Chairman Dame Winifred Akpani, pledged their cooperation with the administration in order to achieve market stability. They requested the president to consider eliminating or reducing certain charges and levies until stability is attained. DAPPMAN also expressed their commitment to establishing a robust petroleum industry that guarantees an ample supply of petroleum products at highly competitive prices.
The Nigerian people can now look forward to an end to the inconvenience of long queues at petrol stations, as President Tinubu's administration aims to ensure uninterrupted fuel supply. Furthermore, the association envisions a reduced dependence on fossil fuels, which will drive increased investments and expedite the development of alternative energy sources such as gas and electricity. DAPPMAN has plans to introduce mass transit buses running on compressed natural gas (CNG) and diesel interchangeably, starting with an initial fleet of 50 to 100 buses in the near future.
It is worth noting that while Nigeria seeks to diversify its energy mix to include electrified transportation, the International Energy Agency (IEA) reported in its January 2023 Energy Technology Perspectives that oil and gas will continue to play a significant role in the near future. The IEA emphasized that despite the acceleration of electrification, oil and gas still dominate energy consumption, accounting for approximately 35% of total energy use in buildings and a staggering 95% in transportation.
Furthermore, Haitham Al Ghais, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), asserted that oil will remain a catalyst for economic development, particularly in developing countries. Al Ghais stressed that crude oil is a valuable commodity that will contribute to economic prosperity for decades to come.
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