It also mandated the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu to end scarcity of the product before this weekend.
It's a familiar sight, our streets and roads lined with vehicles waiting for their turn to buy fuel from filling stations.
The FEC meeting which held in President Muhammadu Buhari's absence was presided over by Vice President Yemi Osinbajo.
The Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) Kano state branch, Alhaji Ahmad Bashir Danmalam, said the scarcity was caused by private refineries that stopped the supply of the community to the state a few days ago.
The NNPC had on Monday stated that there was no plan to increase the prices of petroleum products both at the ex-depot level and pump price ahead of the forthcoming Christmas celebration.
But queues surfaced in most petrol stations in the cities as motorist engaged in panic buying.
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"The trucks have started loading the products and we hope by tomorrow when the commodity would have reached the filling stations, the problem will be over", he said.
Okoronkwo said NNPC is not only a regulator, but also the sole importer of fuel in Nigeria, stressing that the agency can not lie about its operation.
However, the NNPC in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, reiterated that there was no need for the sudden return of queues at petrol stations across the country, stating that it had enough stocks.
"We will also get these details from the filling stations to ascertain when last they got supplies and the quantity sold". When I said that independent marketers need the product most, I'm talking in relation to numbers of marketers that are members of IPMAN. There is always more demand for refined products for petroleum during winter period in the colder countries.
"However, given the seriousness of the matter, we chose to invite the GMD to come and brief on the development and to enable Nigerians know the situation of things".
"We hope he will be back by Thursday to tell Nigerians the true situation".