Fuel pricing: Group lists 3 things to solve issues affecting oil and gas Sector

2 months ago 5

The Coalition for Change in Nigeria (CCN) has called for transparency and accountability in the management of Nigeria's natural resources
The group demands reviews of the factors driving high cost of petroleum products in the country
The CCN Convener Dr. Emmanuel, said the group understands that removing the fuel subsidy is necessary for long-term growth

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro, government policy, and international events

FCT, Abuja - The Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) have been urged to address three critical issues affecting the nation's oil and gas sector.

The Coalition for Change in Nigeria (CCN) demand an immediate review and explanation of the factors driving fuel prices upwards.

Tinubu’s Govt, NNPC urged to address 3 critical issues affecting oil and gas sector

The group demands transparency and accountability in fuel Pricing, refinery expenditures and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project.

The group also demand full disclosure of the financial and contractual details of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project.

The CCN Convener Dr. Emmanuel, made these demands while speaking at a press conference on Wednesday, September 25.

In the statement made available to Legit.ng, Agabi emphasised the need for transparency and accountability in the management of Nigeria's natural resources.

He said the group demands an urgent explanation from the federal government and NNPC for the sustained high fuel prices despite deregulation.

"Firstly, it is apparent to all Nigerians that the issue of fuel pricing has become a matter of national urgency. The removal of the fuel subsidy, a decision that the majority of Nigerians supported in principle, has resulted in increased fuel prices."While deregulation is an economic policy supported by many, including the CCN, the way it has been managed leaves much to be desired. We understand that removing the fuel subsidy is necessary for long-term growth, and has helped us save a lot."However, what Nigerians cannot and will not tolerate is the lack of accountability regarding the pricing mechanisms employed by the Nigerian National Petroleum Company Limited (NNPCL). Nevertheless, it is important to acknowledge that deregulation alone is not the problem. Nigerians are asking a critical question: Why has the NNPCL, as the sole importer of refined petroleum products, failed to reduce the cost of fuel, despite market deregulation?