Nigerian opposition lawmakers reject petrol price hike, demand reversal

The Minority Caucus of the House of Representatives has condemned the recent hike in the price of petrol at fuel stations across the country.

The Minority Leader, Kingsley Chinda, said in a statement on Thursday that NNPC Limited ordered the increase without any consultation, adding that the timing is “insensitive”.

The caucus comprises the PDP, LP, NNPP, APGA, and SDP.

Mr Chinda, a lawmaker from Rivers State, said the hike by the state oil company comes at a “time when the nation is grappling with unprecedented economic challenges, including rising inflation, unemployment, and the depreciating value of the Naira”.

“This development is not only ill-timed but also grossly insensitive to the harsh economic conditions currently being experienced by Nigerians across the country,” he added.

Fuel Price Hike

In recent months, fuel scarcity has hit major cities across Nigeria, with attendant effects on businesses and households.

This has also prompted commercial bus drivers to increase their fares in major towns and cities, including the nation’s capital.

As a result, black marketers have made brisk business selling to willing buyers at higher prices ranging from N1,000 to N1,200.

On Tuesday, PREMIUM TIMES reported that NNPC Retail outlets in the Central Business District of Abuja, the Federal Capital Territory, adjusted the pump price of petrol to N897. Others have also adjusted their pump prices, in some instances above N900 per litre.

The $20 billion Dangote refinery offers some optimism; however, the rollout of products from the refinery has been a subject of controversy and uncertainty.

On Tuesday, Aliko Dangote, the owner of the refinery, said the retail price of the products from his refinery would be decided by the federal government, adding that there is an ongoing conversation between him and NNPC Limited.

Reverse PMS price before things deteriorate

The minority caucus also warned President Bola Tinubu to intervene before the unintended consequences of the price hike lead to unrest.

It warned that the hike could fuel another round of protests across the country.

“Before the situation deteriorates further, Tinubu’s government should, as a matter of urgency, address the connection between dire economic conditions and social unrest rather than create conditions that exacerbate the already dire economic conditions.

“We, therefore, call on the federal government to urgently intervene and reverse this unwarranted increase in petrol prices. We also urge the government to explore and implement more sustainable measures to stabilise the economy without placing an additional burden on the people,” the statement said.