JUST IN: VP Shettima Summons Petroleum Minister, NNPCL Boss Over Petrol Price Hike

In response to the public outcry over the recent surge in petrol prices, Vice-President Kashim Shettima has summoned key officials to Aso Rock for a high-level meeting. The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, were called to discuss the situation. The National Security Adviser, Mallam Nuhu Ribadu, was also present at the meeting.

The gathering follows the sharp increase in the price of Premium Motor Spirit (PMS), which has led to widespread discontent across the country. Transport fares in major cities have jumped by over 50%, leaving many Nigerians grappling with the rising cost of living. Some citizens have resorted to walking long distances or missing work as a result of the high transportation costs.

The new petrol prices, as implemented by NNPCL’s Retail Management, range from N855 to N897 per litre, a significant leap from the previous rates of N568 to N617 per litre. Independent marketers have hiked prices even further, with rates between N930 and N1,200 per litre.

This price adjustment comes just days after NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, warned of financial pressures threatening the company’s ability to maintain a steady fuel supply. He emphasized that NNPCL remains committed to ensuring national energy security and is working closely with government agencies and stakeholders to address the issue.

The fuel price hike also follows NNPCL’s disclosure to the Federation Account Allocation Committee (FAAC) of an outstanding N4.56 trillion, accumulated from selling petrol at subsidized rates between August 2023 and June 2024. These unrecovered funds reportedly stem from exchange rate differentials on petrol importation, according to documents from recent FAAC meetings.