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Federal Government Responds to Fuel Price Surge: “We Are Not to Blame”

Published by Tope Fakinlede on October 10th, 2024.

Federal Government Responds to Fuel Price Surge: “We Are Not to Blame”

The Federal Government has stepped forward to clarify its stance on the recent surge in fuel prices, distancing itself from the decision made by the Nigerian National Petroleum Company Limited (NNPCL). The price of fuel has skyrocketed, with costs rising from N897 to N1,030 in Abuja and from N855 to N998 in Lagos, igniting widespread outrage among citizens.

Minister of Information and National Orientation, Mohammed Idris, stated that the NNPCL’s price increase was not directed by the federal government. He explained that due to the Petroleum Industry Act (PIA), the government can no longer regulate fuel prices.

Idris pointed to external factors such as instability in the Middle East and fluctuations in global markets as key contributors to the price hike. He also noted that the subsidy system ended in May 2023, leaving the NNPCL unable to sustain the differential costs it had previously covered.

The minister urged Nigerians to remain patient, promising that prices would eventually stabilize.