The Minister of Information and National Orientation, Mohammed Idris, has said that the federal government is not responsible for the recent increase in petrol prices across Nigeria.
He clarified that the Nigerian National Petroleum Company Limited made the decision based on the current situation in the global energy market.
Speaking about the hike, Idris explained that the federal government no longer controls the pricing of petroleum products under the Petroleum Industry Act, which came into effect after the subsidy was removed in May 2023.
“NNPCL has been absorbing losses to keep petrol prices stable for Nigerians, but it can no longer continue doing so,” Idris stated. He further explained that the rise in global oil prices, partly due to the ongoing crisis in the Middle East, has contributed to the increase.
“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,” he added.
The minister emphasized that as a limited liability company, NNPCL must avoid operating at a loss.
