“Fuel prices haven’t gone up only in Nigeria” – Minister Of Information, Mohammed Idris

According to a report by Punch on Monday, October 12, 2026, the Federal Government has defended the Nigerian National Petroleum Company Limited’s decision to reduce part of its profit margin to ease the impact of rising petrol prices on Nigerians, saying the increase is linked to developments in the international oil market.

The Minister of Information and National Orientation, Mohammed Idris, stated this on Monday during a media briefing, assuring Nigerians that President Bola Tinubu would not ignore the economic difficulties caused by the sudden rise in global fuel prices.

He explained that the intervention was intended to provide temporary relief without reversing the administration’s decision to remove petrol subsidies.

Idris said the NNPCL had considered sacrificing some of its earnings to create a buffer against rising prices and help consumers adjust to the prevailing economic situation.

He noted that although Nigeria produces crude oil, petroleum products are traded within an international market where developments abroad can influence domestic prices.

“If you follow what is happening in the Middle East now, you’ll have noticed that fuel prices haven’t gone up only in Nigeria,” the minister said, adding that other countries were also responding to the situation in their own ways.

According to him, the intervention should not be interpreted as a return to the subsidy regime, stressing that the government was responding to circumstances that emerged after the policy was introduced.

He attributed the latest pressure on fuel prices partly to the Iran-US conflict, which he said was not in existence when the administration removed the subsidy.

The minister also explained that the NNPCL, despite being owned by the Federal Government, operates as a limited liability company and can review its profit margins in the interest of energy security and national stability.

Idris acknowledged that many Nigerian households continued to struggle with the rising cost of living, saying the administration was working to ensure that economic improvements translated into better living conditions.

He added that the government wanted economic recovery to bring more employment opportunities, stronger businesses, affordable essential services and improved purchasing power for citizens.

The minister maintained that the temporary intervention would help Nigerians cope with the current situation while the government continued efforts to stabilise the economy.

If you liked this story, please follow or tip the author to help them write more!

PrayerMedia feedback-opera-news-app@opera.com