News | Events | Digital PR | Advertising

Home News Federal Government Disavows Responsibility for Petrol Price Hike
News

Federal Government Disavows Responsibility for Petrol Price Hike

Share
Share

The Nigerian National Petroleum Company Limited (NNPCL) recently increased petrol prices across various regions:

– Abuja: N1,030 per litre

– Lagos: N998 per litre

– North-East: N1,070 per litre

– South-West (other states): N1,025 per litre

– South-East: N1,045 per litre

– South-South: N1,075 per litre

Minister of Information and National Orientation, Mohammed Idris, clarified that the Federal Government did not influence NNPCL’s decision. He attributed the price hike to global market volatility and the company’s inability to continue absorbing losses.

“The price increase is due to factors like the Middle East crisis and market volatility,” Idris explained. “NNPCL, as a limited liability company, cannot sustain operating at a loss.”

Idris assured Nigerians that prices would eventually decrease and appealed for understanding. The Petroleum Industry Act (PIA) prohibits the government from fixing petroleum prices, he noted.

This price hike follows the removal of fuel subsidies in May 2023. The government had previously adjusted petrol prices multiple times since then.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
FeaturesNews

Scientists Research Nigeria’s Okra, Maize, Four Other Crops During NASA’s Space Mission

International astronauts will research six indigenous Nigerian crops and seeds during the...

President Donald Trump
FeaturesNews

President Trump Orders Pharmaceutical Companies To Cut Drug Prices Within 60 Days

President Donald Trump on Thursday said he asked major pharmaceutical companies to...

FeaturesNews

Microsoft To Become The Next $4 Trillion Company

Microsoft (MSFT.O), opens new tab soared past $4 trillion in market valuation...

FeaturesNews

Importers Slash Petrol Prices Below Dangote Rates Amid Rising Market Competition

Competition has hit Nigeria’s petroleum sector as fuel importers slash petrol prices...