The Nigerian government has distanced itself from the recent hike in prices of premium motor spirit, PMS otherwise known as Petrol
DAILY GIST reported earlier that the Nigerian National Petroleum Company, NNPC Limited had announced fresh increment in the fuel price
The price hike, which saw fuel prices jump from N897 to N1,030 in Abuja, N855 to N998 in Lagos, and similar increases across other regions, has sparked outrage among Nigerians.
However speaking on the development, the Minister of Information and National Orientation, Mohammed Idris said the federal government was not responsible for the hike.
Idris said that the government can no longer fix petroleum prices due to the Petroleum Industry Act (PIA).
The minister attributed the price increase to factors such as the Middle East crisis and global market volatility.
Idris noted that the subsidy regime ended in May 2023, and the NNPCL had been paying differential costs to maintain prices.
However, the company can no longer absorb bear these burdens.
The minister appealed to Nigerians to understand the situation, assuring that prices would eventually decrease
