Shettima Summons Kyari, Lokpobiri, Ribadu Over Petrol Price Hike

Vice President, Kashim Shettima has summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

According to Channels TV, Shettima also summoned the National Security Adviser, Nuhu Ribadu over the recent hike in the price of Premium Motor Spirit (PMS), popularly known as petrol.

It was gathered that they were all summoned on Thursday at the Presidential Villa.

This is coming after Nigerians have taken to social media, particularly X formally (Twitter) to express their frustration and anger over the skyrocketing price of petrol, which has surged above ₦1,000 per litre.

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Many are directing their criticisms at President Bola Ahmed Tinubu, accusing him of failing to address the worsening economic situation and worsening fuel crisis.

Twitter has become a hotbed for dissatisfied citizens, with hashtags and tweets trending, criticizing Tinubu’s leadership.

The Nigerian National Petroleum Company Limited (NNPCL) has expressed concerns over the recent spike in the price of Premium Motor Spirit (PMS), commonly known as petrol, which has surpassed ₦1,000 per liter in several parts of the country.

The Executive Vice President of NNPCL (Downstream), Adedapo Segun, described the situation as “abnormal” and emphasized the need for a perfectly competitive market to ensure stable fuel prices and adequate supply across Nigeria.

Speaking during an interview on Arise Television’s Morning Show on Thursday, Segun stated that the current pump price does not accurately reflect prevailing market conditions.

He highlighted that NNPCL’s position as the sole importer of petrol in the country is not ideal and goes against the principles of a free market economy.

“The pump price today is not market reflective,” Segun said. “NNPCL is the sole importer of PMS in the country, which is abnormal. We should be moving towards a situation where the free market determines prices.”

Segun explained that NNPCL’s dominance in the importation of petrol was not a deliberate choice but a response to market conditions, noting that other players in the market reduced their participation.

He added, “We didn’t choose to be the sole importer. We stepped in when others reduced their participation. It’s not about wanting to be monopolists.”

To address the rising prices, Segun emphasized the importance of broader economic reforms, including improving liquidity in the foreign exchange (FX) market.

He noted that stable fuel supply and pricing can only be achieved when the market is competitive and FX liquidity is ensured.

“Market conditions need to be perfect, and there must be FX liquidity,” he said, adding that market forces, rather than any single entity, should dictate fuel prices.

Segun also revealed that NNPCL is working closely with private refineries, such as Dangote, to ensure a steady supply of crude oil for refining purposes.

“We have supplied about 30 million barrels to Dangote so far: 6.3 million this month, and we will supply 11.3 million in October,” he disclosed, stressing the company’s efforts to maintain supply stability in the country.