News
FG denies responsibility for recent fuel price hikes
The Federal Government of Nigeria has clarified that it is not accountable for the recent surge in petrol prices following the Nigerian National Petroleum Company Limited’s (NNPCL) announcement of significant increases in the price of Premium Motor Spirit (PMS).
On Wednesday, the NNPCL raised petrol prices across the country, causing prices to jump to N1,030 per litre in Abuja, up from N897.
In Lagos, the price increased from N855 to N998, while regions in the South-South now face prices as high as N1,075. The North-East has seen prices reach N1,070, with the South-East at N1,045 and other South-West states at N1,025 per litre.
In response to the public outcry, Minister of Information and National Orientation, Mohammed Idris, stated that the Federal Government did not influence NNPCL’s decision to raise prices.
He emphasized that the company’s actions were a direct response to current market conditions within the energy sector.
Since the removal of fuel subsidies in May 2023, the government has lost its ability to regulate fuel prices, as stipulated by the Petroleum Industry Act (PIA).
This shift has led to fluctuations in fuel prices based on market dynamics, leaving many Nigerians concerned about the rising cost of living.
“The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally.
“Secondly, NNPC cannot continue to absorb these losses for Nigeria because as a limited liability company, it would be operating at a loss,” he said.
The Minister appealed to Nigerians to understand the situation, assuring that prices would eventually decrease.
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