- The NNPC raised the petrol pump price by 14.8% to N1,030 per liter, up from N897, across its FCT retail outlets.
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In September, NNPCL had previously increased the price from N615 to N897.
The Minister of Information and National Orientation, Mohammed Idris, has clarified that the federal government did not initiate the recent petrol price increase.
Nigerians are currently dealing with heightened frustration due to the latest petrol price hike implemented by NNPC Ltd and other marketers.
Mohammed Idris explained that NNPC Ltd’s decision was a response to current energy industry conditions.
Idris emphasized that the federal government did not instruct this action, as the current administration no longer regulates petroleum prices, adhering to the Petroleum Industry Act (PIA).
According to him, since the subsidy ended in May 2023, NNPC Ltd has been paying the differential to maintain price stability, but can no longer bear the losses.
“The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East.
“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.
“Secondly, NNPC cannot continue to absorb these losses for Nigeria because as a limited liability company, it would be operating at a loss,” Idris stated.