FG Speaks on ‘Proposed Petrol Price Increase’, Breaks Silence on Fixing Price Above N1,000 per Litre

The Federal Government has reacted to the allegation of a proposed increase in the price of premium motor spirit, also known as petrol.

The government has dismissed reports that the Ministry of Petroleum has ordered the Nigerian National Petroleum Company Limited (NNPCL) to sell fuel at N1,000 per litre, above the approved pump price.

In a statement signed by Nnemaka Okafor and made available to newsmen on Tuesday, the government described the reports as “outright falsehoods” and “baseless fabrications” aimed at sowing discord and confusion in the oil industry.

The statement noted that the Federal Government has never interfered with petroleum pricing with NNPCL, let alone give directives for price increments.

“There was never a time FG interfered with petroleum pricing with NNPCL, let alone give directives for price increment,” the statement said.

The government challenged anyone in possession of evidence supporting the claims to make it public, stressing that NNPCL operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors.

“The Ministry of Petroleum Resources does not, and will not, interfere in the internal decisions of NNPCL, including pricing matters,” the statement said.

“Any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector.”

The government explained that since the passage of the Petroleum Industry Act (PIA) in 2021, NNPC has moved from a government entity to a limited liability company, and as such, does not take orders from the Federal Government, and its decisions cannot be influenced.