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The Minister of Information and National Orientation, Mohammed Idris, has absolved the Federal Government of blame following the latest increase in the pump prices of petrol.
The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, October 9, 2024, increased fuel prices to ₦1,030 per litre in Abuja and ₦998 in Lagos.
In other South-West states and North-East, the prices are raised to ₦1,025 and ₦1,070 respectively, while Nigerians in the South-East and South-South regions will buy fuel at ₦1,045 and ₦1,075 per litre respectively.
The development has triggered reactions across the country as citizens lamented and called on the government to reverse the price hike.
However, the Minister of Information has implied that the Federal Government has nothing to do with the price hike, adding that the government should not be held responsible for the increase.
Idris explained that the NNPCL’s decision to increase fuel prices is due to the prevailing circumstances in the energy industry, adding that the hike is not based on any instruction from the government.
Citing the provisions of the Petroleum Industry Act (PIA), the information minister said the government can no longer fix the prices of petrol.
To keep the price within the range, Idris explained that the NNPCL has been paying a differential since the petrol subsidy regime ended in May 2023.
He maintained that fuel prices had to go up because the company could no longer absorb the losses.
The minister said, “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, however, appealed to Nigerians to show understanding with the NNPCL and the government, assuring that fuel prices would come down in the long run.