Amid public outcry over a sharp increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, Vice President Kashim Shettima has summoned top petroleum officials for an urgent meeting.
The officials summoned include the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the National Security Adviser, Nuhu Ribadu.
The meeting, held at the State House in Abuja on Thursday, follows the recent hike in fuel prices that has sparked anger and frustration across Nigeria.
The price of petrol skyrocketed from ₦568 to between ₦855 and ₦897 per litre, depending on the location, leading to widespread fuel scarcity and long queues at filling stations.
This price hike, implemented by the NNPCL, came at a time when the country is facing significant economic challenges.
Nigerians in cities like Lagos, Abuja, and Kano woke up on Wednesday to see many petrol stations closed, while some private suppliers were selling fuel at as much as ₦1,200 per litre.
The situation led to long queues at NNPCL stations, as private petrol stations either ran out of stock or refused to sell.
Motorists spent hours waiting for fuel, and many expressed their frustration, calling on the government to take immediate action to ease the crisis.
According to sources within the NNPCL, the hike was driven by financial difficulties the corporation is facing in maintaining fuel supplies.
However, this has done little to calm the fears of the average Nigerian, who is already grappling with rising living costs.
The fuel price hike has triggered widespread condemnation from various groups and labour unions.
The Nigerian Labour Congress (NLC), the Trade Union Congress (TUC), the Nigerian Bar Association (NBA), and the Nigerian Medical Association (NMA) have all spoken out against the price increase, arguing that it will only worsen the economic hardship faced by Nigerians.
Joe Ajaero, the President of the NLC, expressed the sentiments of many Nigerians when he described the price hike as a betrayal of the labour movement.
He called for an immediate reversal of the new fuel prices and an end to what he described as anti-people policies.
“We demand the immediate reversal of the latest increase in the pump price of PMS across the country, as well as the release of all those incarcerated or being prosecuted for participating in recent protests,” Ajaero stated.
He further accused the government of adopting policies that “engender hunger and insecurity” and called for an end to the “indiscriminate arrest and detention of citizens on trumped-up charges.”
Nigeria is Africa’s largest oil producer, but ironically, it relies on imported petrol due to its limited refining capacity.
Despite being rich in crude oil, Nigeria has struggled with sporadic fuel shortages for years.
The recent price hike is expected to worsen the situation for millions of Nigerians already burdened by high inflation and rising living costs.
The increase in petrol prices has had an immediate ripple effect on other sectors of the economy.
Transportation costs have soared, making it even more difficult for people to move around.
The cost of food and other essential goods has also gone up, creating further strain on household budgets.
The hike comes just a year and a half after President Bola Tinubu took office. One of his administration’s key reforms was the removal of fuel subsidies, which had previously kept petrol prices artificially low.
While the removal of the subsidy was intended to stabilize the economy and encourage private investment, it has led to steep increases in the cost of living.
Bayo Onanuga, a presidential aide, defended the government’s decision to raise fuel prices, stating that the NNPCL is struggling financially and needs support to keep petrol supplies flowing.
According to Onanuga, there are no easy choices, and tough decisions must be made to ensure that the NNPCL can survive and continue to contribute to federal revenue.
“There are no easy choices,” Onanuga said in a statement on social media. “Something must be done to make NNPC survive, keep the engines of government running, and ensure petrol continues to flow.”
He also pointed to the Dangote Refinery, Africa’s largest oil refinery, as a future solution to Nigeria’s fuel problems.
Once the refinery begins producing fuel for the local market, it is expected to reduce the country’s dependence on imported fuel and help bring some relief to the economy.
