“We Are Not Responsible for Fuel Price Hike; It’s Due to Middle East Crisis” – Tinubu Government

The Nigerian government has distanced itself from the recent surge in petrol prices, placing the blame on international factors, particularly the ongoing crisis in the Middle East.

Reports indicate that the Nigerian National Petroleum Company Limited (NNPCL) has increased the price of fuel across the country. In Abuja, the price per litre has jumped from N897 to N1,030; in Lagos, it has risen from N855 to N998; while in the North-East, it now stands at N1,070. Other regions have also seen similar increases, with prices reaching N1,025 in the South-West, N1,045 in the South-East, and N1,075 in the South-South.

In a recent interview with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, clarified that the government bears no responsibility for the hike. He emphasized that the NNPCL made the decision independently, citing volatility in the global energy market as a key factor in the price increase.

“The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East,” Idris explained. “There’s volatility in the market, therefore the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally.”

Idris highlighted that since the subsidy regime ended in May 2023, the NNPCL had been covering financial losses to maintain stable prices, but can no longer sustain this burden. He urged the public to be understanding of the situation and assured them that prices would eventually decrease.

The minister reiterated the government’s commitment to reinvesting savings from subsidy removals into critical sectors, including healthcare, education, infrastructure, and security. He also noted that investments in Compressed Natural Gas (CNG) would help alleviate the impact of rising prices as more operators enter the market.

This latest price increase has led to widespread criticism from Nigerians, with many urging President Bola Tinubu to intervene and reverse the decision.