On Wednesday, October 9, the Nigerian National Petroleum Company Limited (NNPCL) increased fuel prices across various regions: from N897 to N1,030 per litre in Abuja, N855 to N998 in Lagos, N1,070 in the North-East, N1,025 in other South-West states, N1,045 in the South-East, and N1,075 in the South-South. This hike prompted public outcry, with many Nigerians urging President Bola Tinubu to reverse the increase.
In response, the Minister of Information and National Orientation, Mohammed Idris, stated in an interview with Daily Trust that the government should not be blamed for the fuel price hike. He explained that the NNPCL's decision was based on current conditions in the energy sector and was not directed by the federal government, as the government can no longer set petroleum prices under the Petroleum Industry Act (PIA).
Idris noted that since the subsidy regime ended in May 2023, the NNPCL had been covering price differentials to maintain stability but could no longer sustain these losses. "The differential you're noticing stems from various factors, including the crisis in the Middle East and market volatility. Consequently, fuel prices are rising, consistent with global trends. Furthermore, NNPCL cannot continue to absorb these losses as a limited liability company," he explained