The Federal Government of Nigeria has denied responsibility for the recent hike in petrol prices, citing the Nigerian National Petroleum Company Limited’s (NNPCL) decision to adjust prices in response to global market fluctuations.
According to Minister of Information and National Orientation, Mohammed Idris, the government can no longer fix petrol prices due to the Petroleum Industry Act (PIA).
The price increase, which saw petrol prices rise to N1,030 in Abuja, N998 in Lagos, and higher in other regions, was attributed to factors such as the Middle East crisis and market volatility. The NNPCL had been paying differential to maintain price stability but can no longer absorb the losses.
Idris assured Nigerians that prices would eventually decrease and highlighted the government’s plans to invest subsidy savings in critical sectors like healthcare, education, infrastructure, and security.
He also mentioned investments in Compressed Natural Gas (CNG) to mitigate the impact of the price hike.
