THE Minister of Information and National Orientation, Mohammed Idris, clarified that the federal government is not responsible for the recent increase in petrol prices.
Nigerians are facing heightened frustration due to the price hike by the Nigerian National Petroleum Company Limited (NNPCL) and other marketers.
Idris explained that NNPCL’s decision was influenced by current conditions in the energy sector and was not directed by the federal government.
He emphasized that, under the Petroleum Industry Act (PIA), the government no longer controls petroleum product prices.
Since the removal of the subsidy in May 2023, NNPCL had been covering the price differential to maintain stability, but the company has now announced that it can no longer bear the financial burden.
Idris noted that several factors, including the ongoing crisis in the Middle East and global market volatility, are driving the price increase.
Additionally, as a limited liability company, NNPCL cannot continue to operate at a loss by absorbing these costs.