Newnaija ![The NNPCL recently disclosed that it had accumulated a staggering $6 billion in debt, adding further pressure to the already strained fuel market. [Getty Images]](https://news.newnaija.com.ng/wp-content/uploads/2024/10/2e46243586c943abca58954efec77ccd-1.jpg)
The federal government have been urged to audit NNPCL’s operations, citing a lack of accountability as a core factor in the escalating costs.
The Coalition for Energy Reforms and Good Governance Advocacy has accused the Nigerian National Petroleum Company Limited (NNPCL), led by Mele Kyari, of deliberately inflating fuel prices through hidden charges.
The group attributed the ongoing increase in Premium Motor Spirit (PMS) prices—escalating from ₦568 to ₦1,075 per litre within the past year—to corruption and mismanagement.
During a press conference in Abuja, the coalition’s convener, Yakubu Dauda, asserted that concealed charges and redundant taxes are built into fuel costs, leading to unnecessary burdens on Nigerians.
“The NNPCL’s lack of investment in local refineries is due to vested interests, fostering a system reliant on costly imports,” Dauda charged, adding that this dependency on imported fuel directly impacts local fuel costs.
The coalition highlighted the urgent need for transparency and urged the Nigerian government to audit NNPCL’s operations, citing a lack of accountability as a core factor in the escalating costs.
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“The NNPCL has failed to address fundamental issues in Nigeria’s petroleum sector,” Dauda stated, condemning the lack of local refinery investment.
He contended that an over-reliance on fuel imports has made Nigeria susceptible to international price volatility, to the detriment of everyday citizens.
Dauda argued that harnessing local refinery capabilities would make Nigeria a net exporter of petroleum, which could lead to job creation, lower fuel costs, and improved national revenue.
“It’s time to break free from the grip of corrupt interests within the industry,” he added, calling on Nigerians to stand united in their demands for reform.
As citizens continue to grapple with rising fuel prices, the coalition’s statement amplifies calls for a more transparent and accountable energy sector, underscoring the public frustration with the NNPCL’s leadership.
