President Bola Tinubu led-government has distanced itself from the recent petrol price increase, stating it is not responsible for the hike.
KanyiDaily recalls that on Wednesday the Nigerian National Petroleum Company Limited (NNPCL) raised fuel prices across the country.
Petrol product was increased to N1,030 per litre in Abuja, N998 in Lagos, N1,070 in the North-East, N1,025 in other South-West states, N1,045 in the South-East, and N1,075 in the South-South.
The price surge has led to widespread public criticism, with many calling on President Bola Tinubu to reverse the increase.
In an interview with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, clarified that the government is not to blame for the hike.
He explained that NNPCL made the decision independently due to challenges in the energy sector, and the government no longer controls fuel prices under the Petroleum Industry Act (PIA).
Since the removal of fuel subsidies in May 2023, the NNPCL had been covering the price difference to maintain stability but has now stopped due to mounting financial losses.
“The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East. There’s volatility in the market.
“Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally.
“Secondly, NNPC cannot continue to absorb these losses for Nigeria because as a limited liability company, it would be operating at a loss,” he said.
Mohammed Idris called on Nigerians to be patient, assuring that fuel prices would eventually decrease.
The minister reaffirmed the government’s plan to invest the savings from subsidy removal into healthcare, education, infrastructure, and security.
He highlighted that ongoing government investments in Compressed Natural Gas (CNG) would help lessen the burden of rising fuel costs as more CNG operators enter the market.
KanyiDaily recalls that Nigerian crossdresser, Bobrisky had voiced frustration over the skyrocketing fuel prices in the country.
