Shettima Summons Lokpobiri, Kyari, Ribadu Over Petrol Price Hike
Sen. Heineken Lokpobiri, who is the minister of state for petroleum resources (oil), and Mele Kyari, the group managing director of the Nigerian National Petroleum Company Limited (NNPCL), have been called by Vice President Kashim Shettima.
Regarding the recent increase in the price of Premium Motor Spirit (PMS), generally known as petrol, the National Security Adviser, Nuhu Ribadu, was also invited to the Presidential Villa on Thursday to address the matter.
All three are currently in a meeting with the Vice President in his office at Abuja’s State House.
In response to the ongoing fuel shortage and the national crisis, NNPCL raised the price of gasoline at the pump on Tuesday from 568 to 855 to 897 rupees per litre, depending on the region.
The NNPCL has already been undercut by private vendors on fuel prices. On Wednesday, some were going for 1,200 naira a litre.
A day prior to the price hike, NNPC admitted it was having trouble keeping fuel supplies stable due to budgetary issues.
Queues of vehicles formed overnight on Wednesday at NNPC petrol stations in Kano, Abuja and Lagos.
In light of the difficulties and economic realities that Nigerians encounter, numerous individuals and organisations have denounced the NNPCL’s decision to increase fuel prices.
Some groups in Nigeria have voiced concerns that the increase will make people’s lives even more difficult. These groups include the Nigerian Labour Congress (NLC), the Trade Union Congress (TUC), the Nigerian Bar Association (NBA), and the Nigerian Medical Association (NMA).
Accusing the government of betraying the labour movement, Joe Ajaero, president of the National Labour Congress, denounced the fuel price hike.
The reversal of petrol prices was his urgent demand.
The president said, “We demand the immediate reversal of the latest increase in PMS across the country and the release of all those incarcerated or under prosecution on the suspicion of participating in the recent protests.”
Put a stop to the government’s climate of fear, deceit, and intimidation; dismantle programs that promote hunger and insecurity. We are guided by our faith in our nation and the necessity of protecting and preserving its independence, integrity, and the well-being of its citizens.
“Halt the indiscriminate arrest and detention of citizens on trumped-up charges; reverse the 250% tariff hike in electricity; and stop the hijacking of the duties of the Ministry of Labour and Employment.”
Although it produces a lot of oil, Nigeria imports petrol due to its limited refining capability and the unpredictable gasoline shortages it faces.
In order to assist the NNPCL, which he claimed was having trouble contributing to federal funds, presidential advisor Bayo Onanuga justified the decision to increase fuel prices.
Economic relief, he assured X, would be on the way when the Dangote refinery—Africa’s largest—finally began producing petrol for the local market.
“There aren’t any easy decisions,” Ona”We need to take action to ensure the survival of NNPC, maintain the government’s operations, and maintain the fuel supply.”l flowing.”
Tinubu has pledged to enact measures that will stabilise the economy and attract investment in the long run through his agenda he called “Renewed Hope,” which he has been touting since assuming office fifteen months ago.
He liberalised the naira and abolished a fuel subsidy that had been causing the government to lose billions of dollars annually by keeping gas prices artificially low.
June saw inflation in Nigeria hit a three-decade high of 34% despite officials’ repeated pleas for citizens to be patient as the changes take effect.
Food inflation remained persistent at 39.5% in July, even though consumer prices fell marginally.
To combat rising living expenses, the government increased numerous policies in July, including a minimum pay for public sector employees that was more than quadrupled to 70,000 naira per month.
However, the effects of the new petrol start to show up on Wednesday.