Breaking: FG speaks amid N1,000 per liter petrol price hike

The Federal Government has categorically denied reports circulating on social media that it has authorized the Nigerian National Petroleum Corporation Limited (NNPCL) to increase petrol prices to N1,000 per litre.

In a statement issued by the Special Adviser to the Minister of State for Petroleum Resources, Nnemaka Okafor, the government described the claims as “outright falsehoods” and “baseless.”

The statement challenged anyone with evidence supporting the rumors to come forward, emphasizing that the Ministry of Petroleum Resources does not interfere with NNPCL’s internal decisions, including pricing.

NNPCL operates independently under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors. The government stressed that any suggestion of interference is incorrect and reveals a misunderstanding of Nigeria’s deregulated petroleum sector.

The denial comes amidst concerns over the potential impact of a price hike on Nigerians. The government’s reassurance aims to alleviate fears and maintain transparency in the petroleum industry.