ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Monday, July 28, 2025
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Economy And Business

President Tinubu Government Denies NNPCL Leadership Over Petrol Price Hike

Minister of Information and National Orientation, Mohammed Idris, clarified that the government should not be held accountable for the price hikes.

by NewsOnline Nigeria
October 10, 2024
in Economy And Business, Headline
0
President Tinubu Government

President Tinubu

President Tinubu Government has denied NNPCL leadership over the petrol price hike.

 

NewsOnline Nigeria reports that President Bola Tinubu-led government has distanced itself from the recent hike in petrol prices, stating that the Nigerian National Petroleum Company Limited (NNPCL) made the decision independently based on prevailing market conditions.

 

The adjustment has seen pump prices soar to as high as ₦1,075 per litre in some regions.

As of Wednesday, the NNPCL raised the fuel price in Abuja from ₦897 to ₦1,030 per litre, while prices in Lagos jumped from ₦855 to ₦998.

 

ALSO: President Tinubu Extremely Sad Nigerians Call Him TPain Over Historic Hunger

 

In other regions, the price changes were similarly steep, with the North-East seeing prices at ₦1,070, and the South-West states averaging ₦1,025. The South-East and South-South regions experienced price hikes to ₦1,045 and ₦1,075, respectively.

 

This surge in fuel prices has sparked widespread outrage among Nigerians, prompting calls for President Bola Tinubu to intervene and reverse the increase.

 

However, in an interview with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, clarified that the government should not be held accountable for the price hikes.

 

Idris explained that the NNPCL’s decision was influenced by various factors affecting the energy industry, including ongoing volatility in the global market, particularly due to crises in the Middle East.

 

He emphasized that the NNPCL is no longer in a position to absorb the financial losses incurred from previous price settings.

 

The minister stated, “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 urged Nigerians to understand the complexities faced by the NNPCL and the government, assuring that, in the long run, prices would eventually stabilize.

 

He highlighted that savings from the subsidy removal would be reinvested into critical sectors such as healthcare, education, infrastructure, and security.

 

Additionally, the minister mentioned that the government’s initial investments in Compressed Natural Gas (CNG) would help mitigate the impact of rising fuel prices as more operators enter the market.

ADVERTISEMENT
Previous Post

President Tinubu Extremely Sad Nigerians Call Him TPain Over Historic Hunger

Next Post

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, October 11th 2024

Next Post

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, October 11th 2024

Trending Stories

Week 4 Pool Result for Saturday 26, July 2025, UK 2025/2026 From Pool Agent

BREAKING: PDP Woos Peter Obi With 2027 Presidential Ticket Amid Political Realignment

President Tinubu Government Denies NNPCL Leadership Over Petrol Price Hike

BREAKING: CBN Governor, Olayemi Cardoso Faces Arrest Over ₦5.2 Trillion Surplus

Watch Viral Sex Video Of Anambra Married Woman With Husband’s Best Friend

Lagos Renames Streets After Tinubu, Olamide, 9ice, Bukayo Saka [Full List]

Class of ’99 Governors Urge Tinubu to Establish Cottage Industries, Reject N5,000 Palliatives

BREAKING: GTBank, UBA, First Bank, 5 Others Meet CBN Recapitalisation (FULL LIST)

NECO 2025 BECE Results Released, Check Your 2025 BECE Results Here

BREAKING: ADC Speaks On Choosing Presidential Candidate Among Atiku, Obi, Amaechi

Latest Stories

Shettima Departs Abuja For UN Food Summit In Ethiopia

BREAKING: Senate Breaks Silence On Alleged Feud Between Akpabio and Bamidele

ActionAid Blasts Tinubu Govt Over Insecurity, Hunger, Debt Despite Economic Reforms

BREAKING: ASUU Threatens Nationwide Strike Over Stalled Renegotiation, FG Inaction

Soldier Allegedly Stabs Amotekun Officer To Death in Osun State

Portable Demands N1bn To Beat VeryDarkMan, Rejects N100m Offer

BREAKING: ADC Speaks On Choosing Presidential Candidate Among Atiku, Obi, Amaechi

Dollar To Naira Black Market Exchange Rate Today, 27 July 2025

Class of ’99 Governors Urge Tinubu to Establish Cottage Industries, Reject N5,000 Palliatives

BREAKING: PDP Woos Peter Obi With 2027 Presidential Ticket Amid Political Realignment

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: admin@newsonlineng.com

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria

Exit mobile version