The Federal Government has said it is not to blame for the recent rise in petrol prices across the country.
Beyond Boders reports that the Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, raised fuel prices, with Abuja now at N1,030 per litre, Lagos at N998, North-East at N1,070, South-West at N1,025, South-East at N1,045, and South-South at N1,075 per litre.
This has caused concerns among Nigerians, with some calling on President Bola Tinubu to reverse the price hike.
However, the Minister of Information and National Orientation, Mohammed Idris, stated that the government had no part in the decision.
According to him, the NNPCL made the choice based on current conditions in the energy industry, and the government no longer controls fuel prices due to the Petroleum Industry Act (PIA).
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“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,” Idris said.
Since the removal of fuel subsidy in May 2023, NNPCL had been covering some of the costs to keep prices lower but said it could no longer continue doing so.
Minister Idris noted that NNPCL, as a limited liability company, cannot continue operating at a loss.
He urged Nigerians to be patient, assuring them that the prices would eventually go down.
He also said that the government is using savings from the subsidy removal to invest in important sectors like healthcare, education, infrastructure, and security.
Additionally, investments in Compressed Natural Gas (CNG) will help reduce the impact of rising fuel costs.
