The federal government has distanced itself from the recent petrol price hike, insisting it is not responsible for the increase.
On Wednesday, Waffi TV revealed that the Nigerian National Petroleum Company Limited (NNPCL) had raised fuel prices to N1,030 per litre in Abuja, N998 in Lagos, N1,070 in the North-East, N1,045 in the South-East, N1,075 in the South-South, and N1,025 in other South-West states. This move has sparked widespread criticism, with Nigerians urging President Bola Tinubu to reverse the increase.
In an interview with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, clarified that the government should not be held accountable for the price rise.
Idris explained that the NNPCL made the decision independently due to current energy sector challenges, and that the government no longer has control over petroleum product pricing, in line with the Petroleum Industry Act (PIA).
Since the removal of fuel subsidies in May 2023, the NNPCL had been covering price differentials to stabilize prices but can no longer sustain the financial losses.
“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 said.
Idris called on Nigerians to show understanding towards both the NNPCL and the government, assuring that fuel prices would eventually decrease.
He emphasized the government’s dedication to channeling the savings from subsidy removal into vital areas like healthcare, education, infrastructure, and security.
Idris also noted that the government’s initial investments in Compressed Natural Gas (CNG) would help cushion the effects of rising fuel prices as more players enter the market.
………
Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500
