Vice President Kashim Shettima has called a meeting at Aso Rock with Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), and Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL). The meeting also includes National Security Adviser Mallam Nuhu Ribadu and is reportedly linked to the recent increase in Premium Motor Spirit (PMS) prices, which has sparked public outcry.
Several officials from the Vice President’s office are also in attendance.
The latest hike in petrol prices has led to a more than 50% rise in transportation costs across major cities in Nigeria. NNPCL’s new petrol prices range from N855 to N897 per litre, depending on location, up from the previous N568 to N617. Independent marketers have further raised their prices, now ranging from N930 to N1,200 per litre.
This significant price increase has caused widespread disruption, with many Nigerians forced to walk long distances and others unable to afford transportation to work.
The price hike came just two days after Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, revealed that the company was facing financial pressures, jeopardizing the sustainability of fuel supplies. Soneye stated that NNPC Ltd remains committed, under the Petroleum Industry Act (PIA), to ensuring national energy security as the supplier of last resort. He added that NNPCL is working closely with government agencies and stakeholders to maintain a steady supply of petroleum products nationwide.
NNPCL had also informed the Federation Account Allocation Committee (FAAC) that it had accumulated a deficit of N4.56 trillion from selling petrol at subsidized rates between August 2023 and June 2024.
