The Federal Government has firmly denied any responsibility for the recent surge in petrol price, which was announced by the Nigerian National Petroleum Company Limited, NNPCL.
The increase, effective from Wednesday October 9, 2024, has seen fuel prices rise dramatically, with costs adjusting from N897 to N1,030 in Abuja, N855 to N998 in Lagos, and varying rates across other regions, including N1,070 in North-East, N1,025 in the South-East, and N1,075 in the South-South region.
The decision has sparked significant backlash, with many Nigerians calling on President Tinubu to intervene and reverse the price hike.
In an interview, Minister of Information and National Orientation, Mohammed Idris stated that the government should not be held accountable for the increase in fuel prices, asserting that the NNPCL is operating independently of any federal directive, as the government can no longer regulate petroleum product prices following the implementation of the Petroleum Industry Act, PIA.
He noted that since the conclusion of the subsidy regime in May 2023, the NNPCL had been covering price differentials to keep costs manageable but has now reached a point where it can no longer sustain these financial burdens.
“The differential you’re seeing is a result of various factors, including the crisis in the Middle East and market volatility. Prices of petroleum products are increasing inline with global trends. Additionally, as a limited liability company, NNPC cannot continue to incur losses”, he explained.
The Minister urged citizens to exercise patience, assuring them that fuel prices would eventually decrease. He also highlighted the government’s plans to reinvest savings from the subsidy removal into vital sectors, including healthcare, education, infrastructure, and security.
He explained further that initial investments in Compressed Natural Gas, CNG would contribute to alleviating rising fuel costs as additional operators continue to invest in the sector.
-9News Nigeria.
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