Tinubu’s government reacts to the increase in the price of petrol and offers a new guarantee

• 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 Guidance, Mohammed Idris, said the Tinubu administration did not influence the decision of the NNPCL.
• Idris explained the reason why the Federal Government can no longer fix the prices of petroleum products

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

FCT, Abuja – The Federal Government led by President Bola Ahmed Tinubu said it is not responsible for the N1,030 increase in the price of petrol at the pump.

The Minister of Information and National Guidance, Mohammed Idris, said the increase in fuel price was only a decision of the Nigerian National Petroleum Company Limited (NNPCL).

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Legit.ng recalls that the NNPCL had increased the price of fuel from N897 per liter to N1,030 in Abuja; from N855 to N998 in Lagos; N1, 070 to the northeast; N1,025 in other South West states; N1,045 in the Southeast and N1,075 in the South-South.

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 the prices of petroleum products because of the Petroleum Industry Act (PIA).

“The differential you are seeing is the result of different factors. One of them is the crisis in the Middle East. There is volatility in the market. Therefore, the prices of petroleum products are rising, in line with what is happening with other operators in the industry globally.

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“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 come down.

Fuel up: Sani tells Tinubu what to do

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 petrol price that sent the nation and his people into a frenzy.

Former federal lawmaker and Christian leaders urge President Tinubu to make sacrifices to move Nigeria forward after current economic hardship

Source: Legit.ng