Lokpobiri, Kyari, Ribadu in Close Door Meeting With Shettima Over Petrol Price Hike
Vice President Kashim Shettima has convened an emergency meeting with key figures in Nigeria’s petroleum sector in response to a significant hike in petrol prices. This meeting includes Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), and Nuhu Ribadu, the National Security Adviser. The gathering at the Presidential Villa in Abuja was prompted by a recent escalation in petrol prices, which has seen rates soar to as high as ₦1,200 per litre in some areas, significantly impacting transportation costs and public sentiment across Nigeria.
The price adjustment was not taken lightly, with independent marketers setting prices between ₦930 and ₦1,200 per litre, reflecting a drastic increase from previous rates. This hike has led to widespread effects, including protests by transport operators and increased hardship for citizens, many of whom are now facing higher costs of living due to elevated transport fares.
The emergency meeting underscores the government’s urgency to address the situation, especially in light of President Bola Tinubu being out of the country. The discussions likely aim to understand the reasons behind the price surge, assess the financial sustainability of NNPCL’s operations, and explore strategies to mitigate the impact on the populace. The involvement of the National Security Adviser suggests that there might be considerations of how this economic shift could affect national security or public order.
Public reaction, as seen from posts on X, has been one of frustration and criticism towards the government’s handling of the fuel pricing, with calls for accountability and better economic policies. The meeting’s outcomes could potentially influence policy decisions aimed at stabilizing fuel prices or providing relief measures for the public, given the critical role of petroleum products in Nigeria’s economy and daily life.
