New Petrol Pump Price: Information Minister Frees FG Of Blame

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Thursday, October 10th, 2024

(AFRICAN EXAMINER) – The Minister of Information and National Orientation, Mohammed Idris, has exculpated the Federal Government for being responsible for the latest increase in the pump prices of petrol.

The African Examiner writes that on Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) increased fuel prices to ₦1,030 per litre in Abuja and ₦998 in Lagos.

In some South-West states and North-East, the prices were raised to ₦1,025 and ₦1,070 respectively and Nigerians in the South-East and South-South regions will buy fuel at ₦1,045 and ₦1,075 per litre respectively.

The development sparked reactions and many Nigerians across the country tasked the government to quickly reverse the price hike.

However, the Minister of Information has suggested that the Federal Government has no hands in the increase and should not be held responsible.

According to Idris, the NNPCL’s decision to increase fuel prices was because of the prevailing circumstances in the energy industry and the increase is not because of any instruction from the government.

Quoting the provisions of the Petroleum Industry Act (PIA), the information minister stated that the government can not determine the prices of petrol.

Idris 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, pleaded with Nigerians to be understanding with the NNPCL and the government, assuring that fuel prices would come down in the long run.