We Have No Hands in New Fuel Price Hike By NNPCL Says FG, Fingers Global Market Forces
The Federal Government of Nigeria has distanced itself from the latest fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL), clarifying that the development is as a result of global market forces.
By: Abdulwasiu Akintunde
The Federal Government has distanced itself from the recent hike in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL), clarifying that the development is a result of global market conditions.
OPEN TELEVISION NAIJA (OTN) News gathered that the Minister of Information and National Orientation, Mohammed Idris, explained that the price adjustment was driven by market dynamics under the Petroleum Industry Act (PIA) and not influenced by the Government.
He noted that since the removal of fuel subsidies in May 2023, the NNPCL had been covering the cost difference to stabilize prices.
However, the company is no longer able to continue absorbing these losses.
Idris also pointed to the Middle East crisis as a contributing factor, causing disruption in global oil markets.
The Minister emphasized that the decision was made independently by NNPCL, based on economic realities, and reassured the public that although petrol prices have risen, they will eventually stabilize and fall.
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