Tinubu’s Govt Reacts to Petrol Price Hike, Gives New Assurance

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  • The federal government of Nigeria has reacted to the recent hike in petrol prices to over N1,000 across the country
  • The minister of information and national orientation, Mohammed Idris, said the Tinubu's administration did not influence the decision of the NNPCL
  • Idris explained the reason why the federal government can no longer fix prices of petroleum products

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Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro, government policy, and international events

FCT, Abuja - President Bola Ahmed Tinubu-led federal government said it is not responsible for the N1,030 hike in the pump price of petrol.

The minister of information and national orientation, Mohammed Idris, said the increase in fuel price was solely the decision of the Nigerian National Petroleum Company Limited (NNPCL).

Idris said NNPCL’s decision was not influenced by the federal government. Photo credit: Asiwaju Bola Ahmed TinubuSource: Facebook

Legit.ng recalls that the NNPCL had hiked fuel price from N897 per litre to N1,030 in Abuja; from N855 to N998 in Lagos; N1, 070 in North-East; N1,025 in other South-West states; N1,045 in South-East and N1,075 in South-South.

N1,030/ltre: FG Names Forces Behind New Fuel Price at Filling Stations, Offers HopeThe federal government has reacted to the changes in fuel prices at filling stations and has asked for patience, assuring that prices will come down again.by  Dave Ibemere, 10 Oct 2024

Reacting to the development, Idris said the increase is due to the prevailing circumstances in the energy industry globally, Daily Trust reports.

He disclosed that the federal government can no longer fix prices of petroleum products because of the Petroleum Industry Act (PIA).

“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.”

The Minister assured Nigerians that prices would eventually decrease.

Fuel hike: Sani tells Tinubu what to do

Filling Stations Set New Fuel Prices After NNPC’s N1,030 Per Litre AdjustmentThe Independent Petroleum Marketers Association Of Nigeria (IPMAN) has adjusted its pump prices just like the Nigerian National Petroleum Corporation Limited.by  Dave Ibemere, 10 Oct 2024

Meanwhile, Legit.ng reported that former Kaduna senator, Shehu Sani, called on President Tinubu, senators, and state governors to take urgent action and address the challenges facing the people.

Sani made the call after the NNPC announced a new price of petrol, which threw the nation and its people into a frenzy.

The former federal lawmaker and Christian leaders urged President Tinubu to make sacrifices to move Nigeria forward following the current economic hardship.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng