The Federal Government has distanced itself from the recent hike in petrol prices, following the Nigerian National Petroleum Company Limited's (NNPCL) decision to raise the pump price of petrol. The increase saw prices jump from N897 to N1,030 per litre in Abuja and from N855 to N998 in Lagos, with even higher rates reported in other regions.
Minister of Information and National Orientation, Mohammed Idris, clarified that the Federal Government did not influence NNPCL’s decision, attributing the price hike to global energy market fluctuations, including the ongoing crisis in the Middle East. He emphasized that under the Petroleum Industry Act (PIA), the government no longer has control over petrol pricing since the subsidy regime ended in May 2023.
Idris further explained that NNPCL had been absorbing losses to keep fuel prices stable but could no longer sustain the financial burden. He urged Nigerians to understand the situation, noting that the rising prices reflect global trends affecting all petroleum operators.
Despite the current spike in fuel costs, the Minister assured the public that prices are expected to stabilize and eventually decrease over time as the global market adjusts.
