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The Federal Government has stated that it is not responsible for the recent increase in petrol pump prices across Nigeria.
Following an announcement by the Nigerian National Petroleum Company Limited (NNPCL) on October 9, which saw petrol prices soar to over N1,000 per liter in several regions, many Nigerians have voiced their concerns, calling on President Bola Tinubu to reverse the hike.
However, the government has clarified its position, attributing the price increase to global market dynamics and not its own policies.
In a statement, Minister of Information and National Orientation, Mohammed Idris, emphasized that the NNPCL’s decision was influenced by factors such as rising global fuel costs due to the Middle East crisis and market volatility.
“The government no longer controls the prices of petroleum products due to the Petroleum Industry Act (PIA),” he explained, further noting that NNPCL had absorbed losses since the removal of the subsidy in May 2023 but could no longer maintain this practice.
Moreover, Idris urged Nigerians to remain patient, promising that the government is investing savings from the subsidy removal into critical sectors like healthcare, education, and infrastructure.
“In the long run, fuel prices will decrease, especially as investments in compressed natural gas (CNG) and other alternatives expand,” he assured.
