Abuja, Nigeria – The Federal Government has clarified that it played no role in the recent fuel price hike across the country, attributing the increase to market-driven decisions made by the Nigerian National Petroleum Company Limited (NNPCL). The surge in prices has caused fuel costs to rise from N897 to N1,030 per litre in Abuja, and from N855 to N998 in Lagos, with similar hikes in other regions.
Minister of Information and National Orientation, Mohammed Idris, explained that under the provisions of the Petroleum Industry Act (PIA), the government no longer controls fuel prices. The minister emphasized that the NNPCL’s decision to raise prices reflects global market dynamics, which have been influenced by factors such as the ongoing Middle East crisis and market volatility.
Idris also reminded Nigerians that the fuel subsidy regime ended in May 2023, and since then, the NNPCL has been absorbing the cost differentials to keep prices stable. However, the company can no longer sustain these financial losses.
In his remarks, the minister appealed for public understanding, stressing that while prices have risen due to current market conditions, there is hope that prices will eventually decrease as global circumstances stabilize.