JUST IN: FG Distances Itself From Increase In Fuel Price

The Federal Government has clarified that it is not responsible for the recent hike in fuel prices, which is attributed to the Nigerian National Petroleum Company Limited’s (NNPCL) decision based on current market conditions.

The price increase has seen fuel prices rise from ₦897 to ₦1,030 in Abuja, and from ₦855 to ₦998 in Lagos, among similar adjustments nationwide, prompting widespread outrage among Nigerians.

In a statement, Minister of Information and National Orientation, Mohammed Idris, emphasized that the NNPCL’s decision was independent of federal government influence. He explained that the government can no longer set petroleum prices due to the Petroleum Industry Act (PIA).

Idris pointed to various factors contributing to the price surge, including the ongoing crisis in the Middle East and global market volatility. He noted that the subsidy regime ended in May 2023, which had previously allowed the NNPCL to absorb some costs to maintain prices. However, the company is no longer in a position to continue this practice.

The minister appealed for understanding from Nigerians, assuring them that prices are expected to decrease in the future.