Vice President Kashim Shettima has called an urgent meeting with key stakeholders to address the recent hike in petrol prices.
The meeting, held at the Presidential Villa on Thursday, September 5, 2024, included Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), and Nuhu Ribadu, the National Security Adviser.
The summons come in response to the significant increase in the pump price of petrol, which was raised by NNPCL from ₦568 to between ₦855 and ₦897 per litre, depending on the location.
This price hike has exacerbated the ongoing fuel scarcity and economic crisis in the country.
Private fuel suppliers have been selling petrol at even higher prices, with some stations charging up to ₦1,200 per litre on Wednesday. The price increase follows NNPCL's admission of financial difficulties that have hindered its ability to maintain adequate fuel supplies.
The situation has led to widespread disruptions, with some private petrol stations closed and long queues forming outside NNPC fuel stations in major cities like Lagos, Abuja, and Kano.
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