The Federal Government has distanced itself from the recent increase in the pump price of petrol, attributing the hike to market dynamics and the decision of the Nigerian National Petroleum Company Limited (NNPCL).
In an interview with the Daily Trust, the Minister of Information and National Orientation, Mohammed Idris, clarified that the government did not instruct the NNPCL to raise fuel prices. He explained that the decision was made in response to global market fluctuations and the company’s inability to continue subsidizing fuel costs.
“The NNPCL has been operating under the Petroleum Industry Act (PIA), which allows for market-based pricing,” Idris said. “The company’s decision to adjust prices is a result of factors beyond the government’s control, such as the ongoing crisis in the Middle East.”
The minister assured Nigerians that the government is committed to improving other critical sectors, such as healthcare, education, infrastructure, and security, using the savings from the removal of fuel subsidies.
He also highlighted the government’s investments in Compressed Natural Gas (CNG) as a potential alternative fuel source.
“We understand the concerns raised by Nigerians regarding the fuel price hike,” Idris added. “We urge citizens to be patient as we work towards long-term solutions and a more stable energy market.”
