We are not responsible for the Fuel hike – FG

The Federal Government has denied responsibility for the recent increase in petrol prices.

On October 9, the Nigerian National Petroleum Company Limited (NNPCL) raised fuel prices, with Abuja reaching N1,030 per liter, Lagos at N998, and other regions seeing similar hikes. This sparked public outcry, with many urging President Bola Tinubu to reverse the price increase.

However, Minister of Information and National Orientation, Mohammed Idris, clarified that the government is not responsible for the hike. He explained that NNPCL made the decision independently due to industry conditions and the end of the fuel subsidy in May 2023. With the removal of subsidies and under the Petroleum Industry Act (PIA), the government no longer controls fuel prices. NNPCL had been absorbing losses but could no longer continue.

“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 sid

He urged Nigerians to continue to show understanding to the Federal Government and the NNPCL

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