• About Us
  • Contact Us
  • Privacy & Policy
Friday, August 1, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Federal Government Denies Plans to Raise Petrol Prices

Martins Nwakaji by Martins Nwakaji
September 3, 2024
in National
Reading Time: 2 mins read
A A
0
Federal Government Denies Plans to Raise Petrol Prices
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

The Federal Government has addressed recent claims about a proposed increase in the price of petrol, officially known as premium motor spirit. There have been rumors suggesting that the Ministry of Petroleum directed the Nigerian National Petroleum Company Limited (NNPCL) to increase the price of fuel to N1,000 per litre, which would be well above the current approved rate.

In response, the government has strongly dismissed these claims as false and misleading. According to a statement released by Nnemaka Okafor, the government described these reports as “outright falsehoods” and “baseless fabrications” intended to create confusion and unrest within the oil industry. The statement underscored that the Federal Government has never engaged in or influenced the pricing policies of NNPCL.

The government explained that there has never been any instance where it interfered with petroleum pricing or issued directives for price increases. This position is consistent with the principles of deregulation in Nigeria’s petroleum sector. The government emphasized that any assertion to the contrary reflects a misunderstanding of the current regulatory framework governing the oil industry.

The statement further clarified that NNPCL operates as an independent entity, governed by the Companies and Allied Matters Act (CAMA). This legal framework grants NNPCL significant autonomy, including in its pricing decisions. The Ministry of Petroleum Resources does not, and will not, interfere in these internal decisions. The government has urged anyone with evidence supporting the claims of a price increase to come forward and present it publicly.

The government also highlighted that since the enactment of the Petroleum Industry Act (PIA) in 2021, NNPC has transitioned from being a government entity to a limited liability company. This change means that NNPCL is no longer a government agency and is thus not subject to direct governmental control or directives concerning its operations, including pricing policies.

By emphasizing the independent status of NNPCL and the non-interference policy of the Federal Government, the statement aimed to reassure the public and stakeholders in the petroleum sector. The government stressed that such misinformation not only disrupts the market but also undermines the progress made in the sector’s deregulation and transformation.

The Federal Government has firmly denied any involvement in the alleged fuel price increase, reinforcing its commitment to maintaining a clear separation between itself and the operational decisions of NNPCL.

Tags: nigeriapolitics
Martins Nwakaji

Martins Nwakaji

Related Posts

CLO Rejects Timetable for Council Elections in Rivers State 
National

CLO Rejects Timetable for Council Elections in Rivers State 

8 hours ago
Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark
National

Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark

14 hours ago
Nigeria Government Mini-Grid Energy Project Targets 138,000 Citizens
National

FEC approves ₦68.7bn for power projects universities, teaching hospitals

14 hours ago
Presidency Debunks Kwankwaso on Tinubu’s Northern Projects
National

Tinubu transfers office of Surveyor-General to Presidency to limit bottlenecks

14 hours ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

CLO Rejects Timetable for Council Elections in Rivers State 
National

CLO Rejects Timetable for Council Elections in Rivers State 

8 hours ago
Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark
National

Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark

14 hours ago
Nigeria Government Mini-Grid Energy Project Targets 138,000 Citizens
National

FEC approves ₦68.7bn for power projects universities, teaching hospitals

14 hours ago
Presidency Debunks Kwankwaso on Tinubu’s Northern Projects
National

Tinubu transfers office of Surveyor-General to Presidency to limit bottlenecks

14 hours ago
Insecurity: Uba Sani identifies poverty as a major cause
National

I have not paid a dime to bandits in Kaduna – Gov Sani

14 hours ago
Breaking: Victor Osimhen to earn ₦4.7billion monthly at Al Hilal
National

Victor Osimhen Becomes Most Expensive Turkish League Signing

2 days ago

POLITICS

We’ll reclaim power in Cross River – Liyel Imoke

We’ll reclaim power in Cross River – Liyel Imoke

14 hours ago
ADC Warns APC: 2027 Presidential Election Not a Birthright

ADC Warns APC: 2027 Presidential Election Not a Birthright

2 days ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

2 days ago
Reps queries Ibas over N24bn for CCTV, N30bn for gunboats in Rivers’ 2025 budget

Rivers State Urges Demand-Driven Projects for Border Communities 

2 days ago
ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts

ADC Chairman Pledges to End Candidate Imposition, Uphold Internal Democracy

3 days ago
2027: Why Peter Obi may return to PDP

2027: Why Peter Obi may return to PDP

3 days ago

YOUR ECONOMY

High Interest Rate Tops Business Constraints in Nigeria
Economy

High Interest Rate Tops Business Constraints in Nigeria

7 days ago
Naira depreciates against dollar twice in one week
Economy

Naira depreciates against dollar twice in one week

1 week ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Targets 700,000 BPD Capacity by Year-End

2 weeks ago
Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally
Economy

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally

2 weeks ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Marketers kick against Dangote’s plan to crash price of cooking gas

2 weeks ago
Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

1 month ago

E & P

Super Falcons Receive OON Honour, $100K, and Apartments for WAFCON 2024 Win
Sports

Super Falcons Receive OON Honour, $100K, and Apartments for WAFCON 2024 Win

by Tammy Opoki
4 days ago
0

The Federal Government has conferred the Officer of the Order of the Niger (OON) National honour on the Super Falcons...

NPFL Set to Kick-Off 2025/2026 Season Aug. 22

NPFL Set to Kick-Off 2025/2026 Season Aug. 22

4 days ago
Tinubu Celebrates Super Falcons’ WAFCON 2024 Victory

Tinubu Celebrates Super Falcons’ WAFCON 2024 Victory

5 days ago
African School Games: Team Nigeria Arrives Annaba, Algeria 

African School Games: Team Nigeria Arrives Annaba, Algeria 

5 days ago
NFF Appoints Manu Garba as Golden Eaglets Coach

NFF Appoints Manu Garba as Golden Eaglets Coach

1 week ago
Pay All Allowances, Bonuses of Super Falcons immediately – President Tinubu 

Pay All Allowances, Bonuses of Super Falcons immediately – President Tinubu 

1 week ago

YOUR THOUGHT & HISTORY

Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tammy Opoki
2 weeks ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
2 weeks ago
El-Rufai Plans New Party as ADC Backup Against APC Interference
Columns

The Shadow Strategist: El-Rufai, the Illusion of Power, and 2027’s Looming Reckoning

by Odini Brains
4 weeks ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
1 month ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
1 month ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

CLO Rejects Timetable for Council Elections in Rivers State 

CLO Rejects Timetable for Council Elections in Rivers State 

August 1, 2025
Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark

Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark

August 1, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address