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.