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FG reacts to recent fuel hike

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2 months ago

October 11, 2024

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The Federal Government has officially clarified that it is not responsible for the recent hike in petrol prices at the pump.

According to the Minister of Information and National Orientation, Mohammed Idris, the fluctuations in fuel prices are primarily driven by market forces such as global oil prices, exchange rates, and operational costs within the petroleum sector, rather than any new policy or action taken by the government itself. He emphasized that the deregulated nature of the market means that prices are influenced by supply and demand dynamics, as well as external economic factors beyond their control.

On Wednesday, the Nigerian National Petroleum Company Limited (NNPCL), made a significant decision to increase the price of fuel at the pump across various regions of the country.

In Abuja, the price jumped from N897 per litre to an alarming N1,030. Meanwhile, in Lagos, it rose from N855 to N998 per litre. The changes don’t stop there; in the North-East region, the price of fuel is now set at N1,070. The other South-West states saw a price adjustment to N1,025, while in the South-East, it has reached N1,045. Finally, residents in the South-South region are now facing the highest prices, with fuel costing N1,075 per litre.

ALSO READ: NNPCL raises fuel price to over N1,000 per litre

This sudden increase in fuel prices triggered strong reactions among many Nigerians who are understandably frustrated and concerned about the rising costs of living. They have called upon President Bola Tinubu to take immediate action to reverse this decision and help alleviate the burden on citizens.

However, during a recent conversation with the Daily Trust newspaper, the Minister of Information and National Orientation, Mohammed Idris, stated that the government should not be held accountable for this latest price hike in petrol.

The minister explained that external factors influencing global oil prices and market conditions are primarily responsible for the increase, rather than any direct action taken by the government itself.