Vice President Kashim Shettima has summoned key government officials, including 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, to a meeting at Aso Rock.
The National Security Adviser, Mallam Nuhu Ribadu, and other officials from the Vice President’s office are also present.
The meeting is reportedly linked to the recent hike in the price of Premium Motor Spirit (PMS) and the public backlash that has followed.
The recent price increase in petrol has caused significant disruptions, pushing transport fares up by over 50% in major Nigerian cities.
NNPCL’s latest price hike has brought fuel costs to between N855 and N897 per litre, depending on the location, from the previous range of N568 to N617.
Independent marketers have further adjusted their prices, charging between N930 and N1,200 per litre.
The price hike has resulted in widespread difficulties for Nigerians, with many opting to trek long distances and some missing work due to the increased transportation costs.
This situation arose just two days after NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, acknowledged that financial pressures were jeopardizing the sustainability of fuel supply.
In addition, the NNPCL informed the Federation Account Allocation Committee (FAAC) that it is owed N4.56 trillion in unrecovered funds from selling petrol at subsidized rates between August 2023 and June 2024.
This debt reportedly stems from exchange rate differentials on petrol importation.