The Federal Government says it is not to blame for the recent increase in petrol prices. On Wednesday, October 9, 2024, the Nigerian National Petroleum Company Limited (NNPCL) raised the price of fuel. In Abuja, it went from N897 per litre to N1,030. In Lagos, it increased from N855 to N998. In the North-East, it is now N1,070, and in other South-West states, it is N1,025. The South-East saw a rise to N1,045, and in the South-South, it is now N1,075. if you are reading from Phoenix Browser make sure you click on Read Original on the top to read the full and original version of the Article.
This sharp rise upset many Nigerians, who asked President Bola Tinubu to lower the prices. But, in a chat with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, said the government is not behind the price hike.
Idris explained that the NNPCL made the decision on its own, based on what is happening in the global energy market. He added that the government cannot control petrol prices anymore because of the Petroleum Industry Act (PIA). "The government no longer sets the prices. The NNPCL, as a company, now works based on the market," he said.
He also said that since the fuel subsidy was removed in May 2023, the NNPCL has been paying to keep prices stable for Nigerians. But now, the company says it can no longer cover the losses.
Several reasons caused the price increase. One of them is the ongoing crisis in the Middle East, which has made oil prices rise globally. "This issue is not just affecting Nigeria. Prices are rising everywhere, and the NNPCL cannot keep losing money," Idris explained.
The minister asked Nigerians to be patient and said he believes fuel prices will drop when things improve in the global market.
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