The Federal Government has distanced itself from the recent increase in petrol prices, urging Nigerians to show understanding for the Nigerian National Petroleum Company Limited (NNPCL) and the government. The price hike, which has seen fuel prices surge significantly across various regions, has sparked widespread frustration among citizens.
In a statement released on Wednesday, the Minister of Information and National Orientation, Mohammed Idris, clarified that the government is not responsible for the hike. He explained that the decision was made by the NNPCL in response to prevailing market conditions, including the Middle East crisis and global market volatility. According to Idris, these factors have created a challenging environment for maintaining stable fuel prices.
Idris noted that the subsidy regime, which previously helped stabilize petrol prices, ended in May 2023. Since then, the NNPCL has been absorbing the differential costs to prevent a sudden spike in prices. However, the company can no longer sustain these losses, necessitating the recent adjustments.
Addressing the public’s concerns, Idris assured that the government is committed to finding long-term solutions to stabilize fuel prices. He emphasized that the current price hike is temporary and that efforts are being made to mitigate its impact on Nigerians. “We urge citizens to show understanding and patience during this period. The government is working tirelessly to address these challenges, and we believe that prices will eventually come down,” he stated.
The statement comes amid growing criticism from various quarters, including the Nigeria Labour Congress (NLC), which has called on the government to reverse the petrol price hike. The NLC argues that the increase places an undue financial burden on Nigerians, many of whom are already struggling with the high cost of living.
In response to these criticisms, the Federal Government reiterated its commitment to implementing measures that will cushion the impact of the price hike. These measures include exploring alternative energy sources, increasing local refining capacity, and engaging with international partners to ensure a steady supply of fuel.
The NNPCL also issued a statement, aligning with the government’s position. The company explained that the decision to adjust petrol prices was made in the best interest of the country, considering the current economic realities. They assured the public that steps are being taken to ensure that the fuel supply chain remains robust and that prices will be monitored closely.
