Tinubu won’t abandon Nigerians amid fuel price hike — FG

President Bola Tinubu has assured Nigerians that he will not leave them to endure the consequences of rising petrol prices, according to the Federal Government. In a statement at a media briefing, Minister of Information and National Orientation, Mohammed Idris, defended the Nigerian National Petroleum Company Limited's (NNPCL) decision to forgo a portion of its profit to mitigate the effects of the price hike.

Idris emphasized that this intervention was meant to offer temporary relief to citizens amid the surge in global fuel prices, but insisted it did not signify a reversal of the petrol subsidy removal policy introduced by the Tinubu administration.

Idris highlighted that President Tinubu is a "listening president" who cannot remain indifferent to the difficulties faced by Nigerians due to unforeseen developments in the international oil market. The NNPCL, owned by the Federal Government but operating as a limited liability company, had considered reducing its profit margins to alleviate the burden on consumers. Idris explained that the decision was part of efforts to maintain energy security and cushion the impact of rising fuel prices.

The minister noted that the intervention was a response to changing global conditions and should not be perceived as a reversal of the subsidy removal. He also reaffirmed that fuel pricing is an international commodity, and while Nigeria produces its fuel, its marketing and sales follow international dimensions. Many countries worldwide are responding to the rising international petroleum prices in their unique ways, he added.

Idris emphasized that the NNPC's role is not just to supply fuel but also to ensure energy security for the country, which is crucial for national development. The minister defended the temporary measure as a way for consumers to adjust to the new economic realities and return to normalcy later. He acknowledged that many Nigerians still face rising living costs but stressed that the administration is working to ensure that the benefits of economic recovery translate into improved living conditions, more jobs, and more affordable essential services for households.