Shettima invites Mele Kyari, Lokpobiri over petrol price hike

Vice-President Kashim Shettima has invited Mele Kyari, group chief executive officer of Nigerian National Petroleum Company (NNPC) Ltd., and Heineken Lokpobiri, minister of state for petroleum resources (oil).

Kyari, Lokpobiri, and Ugbogu Ukoha, the executive director of the Nigerian Mainstream, Downstream, and Petroleum Regulatory Authority (NMDPRA), were at the presidential villa in Abuja on Thursday.

TheCable understands that the meeting follows a directive by President Bola Tinubu to Shettima concerning the recent hike in the pump price of petrol.

Nuhu Ribadu, national security adviser (NSA), was also at the meeting.

On Tuesday, NNPC increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.

The product is being sold at N855 per litre —from about N600 — at some NNPC filling stations in Lagos.

In some states, the price is above N900 per litre.

Before the hike in the price, queues spread across many filling stations in the country.

Speaking with State House correspondents after the meeting, Lokpobiri said Tinubu is “empathetic” about the hardship being faced by Nigerians over the hike of petrol prices amid the scarcity of the product.

The minister said Shettima called the meeting for top stakeholders to reflect on the situation.

“He (Tinubu) is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country,” the minister said.

“What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.

“The price could be high in some other areas, higher in some other locations, and in some locations, much more than others.

“But we believe that by the time there is availability of products across the country, the price itself is stabilized.

“But what is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigeria to know.”