Following the uproar that has greeted the recent increase of petrol by the Nigeria National Petroleum Company Limited, Vice President Kassim Shettima is holding a crisis meeting at the Presidential Villa.
Mr. Shettima is holding talks behind closed doors with Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri,, Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari and the National Security Adviser, Nuhu Ribadu, after being directed by President Bola Tinubu to work out ways to address the challenges in the oil industry.
Speaking after the meeting Mr. said: “This intervention is expected to address the uneven distribution of fuel, with some areas facing shortages while others experience higher prices.
“The administration remains committed to addressing the challenges and ensuring that the supply chain can meet the demands of all Nigerians in the coming days.”
Meanwhile, The Abuja Chamber of Commerce and Industry has warned that the recent increase in fuel prices in the country can lead to a severe economic crisis.
The Nigerian National Petroleum Company Limited Retail Management approved the upward review of PMS pump price from N617 per litre to N897 per litre effective from September 3.
The ACCI President, Emeka Obegolu, said this during an interview in Abuja on Thursday.
Mr Obegolu said the price hike could have widespread repercussions, particularly on the business community, which was already grappling with inflationary pressures and high exchange rates.
He said, “As fuel is a critical input in production and transportation, the price spike will lead to a corresponding rise in operational expenses. This escalation inevitably will result in higher prices for goods and services, which diminishes consumer purchasing power and reduces demand.’’
