No Directive Issued to Increase Petroleum Prices: Nigerian Government
The Nigerian government has been compelled to address claims circulating on social media regarding a directive to increase petroleum prices to N1,000. Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has categorically denied the claims, saying no directive was issued to the Nigerian National Petroleum Company Limited (NNPC Ltd.) to manipulate prices.
In a statement issued by his Special Adviser, Media and Communication, Nnemaka Okafor, Sen. Lokpobiri emphasized that the Federal Government has not instructed the NNPC Ltd. or any other entity to increase prices. He described the claims as "baseless, malicious, and a deliberate attempt to incite public discontent."
Sen. Lokpobiri explained that the NNPC Ltd. operates independently under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors. The Ministry of Petroleum Resources does not interfere in the company’s internal decisions, including pricing matters. He urged the public to dismiss these malicious rumors, stating that "any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector."
The minister’s statement comes amidst growing concerns over the high cost of living in Nigeria, which has been fueled by increases in petroleum prices and other economic factors. In response, the government has reiterated its commitment to ensuring a stable and reliable energy supply, while also promoting a deregulated market that encourages competition and innovation.
Sen. Lokpobiri’s denial of the alleged directive to increase petroleum prices has been met with relief by many Nigerians, who have expressed concerns over the potential impact of such a move on the country’s economy and living standards.
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