The Federal Government has denied responsibility for the recent surge in petrol prices across Nigeria. Following public outcry, Minister of Information and National Orientation, Mohammed Idris, clarified that the Nigerian National Petroleum Company Limited (NNPCL) is solely responsible for the price hike due to current market conditions.

On Wednesday, NNPCL raised petrol prices to N1,030 per litre in Abuja, N998 in Lagos, N1,070 in the North-East, N1,045 in the South-East, and N1,075 in the South-South. The increase triggered strong reactions from Nigerians, many urging President Bola Tinubu to reverse the hikes.

Addressing the concerns, Minister Idris explained that the federal government no longer controls fuel pricing, in accordance with the Petroleum Industry Act (PIA). He noted that NNPCL’s decision was driven by the removal of fuel subsidies in May 2023, which had previously kept prices lower. NNPCL has absorbed losses but could no longer do so due to rising costs in the global market.

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“The current volatility, especially due to the crisis in the Middle East, has pushed prices up globally. As a limited liability company, NNPCL cannot continue to operate at a loss,” the minister stated.

Idris urged Nigerians to show patience, assuring that petrol prices are expected to stabilize in the long term. He added that the government’s ongoing investments in critical sectors such as healthcare, education, and infrastructure will eventually yield positive results. Additionally, investments in Compressed Natural Gas (CNG) will help ease the burden on consumers as more operators enter the market.