Vice President Kashim Shettima has called a meeting with key figures in Nigeria’s petroleum sector in response to the recent drastic hike in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The summoned officials include the Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri, the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, and National Security Adviser, Nuhu Ribadu. This meeting, which is taking place at the Presidential Villa in Abuja, aims to address the ramifications of the recent price increase.
On Tuesday, NNPCL raised the pump price of petrol significantly, from ₦568 to ₦855 or ₦897 per litre, depending on the location. This increase exacerbated existing fuel scarcity and triggered a crisis across the country. Private suppliers had already been charging even higher prices, with some selling petrol at ₦1,200 per litre. The price surge occurred shortly after NNPCL reported financial difficulties that hindered its ability to maintain adequate fuel supplies.
In response to the price hike, many petrol stations, particularly in Lagos, Abuja, and Kano, experienced closures or long queues as motorists sought fuel. The Nigerian Labour Congress (NLC), Trade Union Congress (TUC), Nigerian Bar Association (NBA), and Nigerian Medical Association (NMA) have all criticized the increase, arguing that it will further strain the economic hardships faced by ordinary Nigerians.
NLC President Joe Ajaero has condemned the move, accusing the government of betraying the labour movement and calling for an immediate reversal of the price hike.
The decision to increase fuel prices has sparked widespread debate. Presidential aide Bayo Onanuga defended the price increase as necessary to support NNPCL, which is struggling to contribute to federal accounts.
Onanuga also highlighted the anticipated relief that the commencement of petrol production at the Dangote refinery, Africa’s largest, is expected to bring to the market.
The meeting convened by Vice President Shettima is poised to address these concerns and explore solutions to the ongoing fuel crisis and its economic impact on Nigerian citizens.
