The Federal Government has distanced itself from the recent increase in fuel prices, citing the Nigerian National Petroleum Company Limited’s (NNPCL) decision to raise prices in response to prevailing market conditions.
The price hike, which saw fuel prices jump from N897 to N1,030 in Abuja, N855 to N998 in Lagos, and similar increases across other regions, has sparked outrage among Nigerians.
According to Minister of Information and National Orientation, Mohammed Idris, the NNPCL’s decision was not influenced by the federal government.
Idris said that the government can no longer fix petroleum prices due to the Petroleum Industry Act (PIA). The minister attributed the price increase to factors such as the Middle East crisis and global market volatility.
Idris noted that the subsidy regime ended in May 2023, and the NNPCL had been paying differential costs to maintain prices. However, the company can no longer absorb these losses.
The minister appealed to Nigerians to understand the situation, assuring that prices would eventually decrease.