Petrol Price Hike Is ‘Ill-Timed, Insensitive,’ – Reps Minority Caucus Tells FG

The Minority Caucus in Nigeria’s House of Representatives has vehemently opposed the Nigerian National Petroleum Corporation’s (NNPC) recent decision to raise the price of petrol, calling for an immediate reversal by the Federal Government.

Naija News recalls that the NNPC, on Tuesday, adjusted the pump price per litre of petrol to ₦855 across its filling stations.

In a statement signed by the Caucus leader, Rep. Kingsley Chinda, the price hike was described as “ill-timed” and “highly insensitive” given the severe economic difficulties currently affecting the nation.

The caucus expressed concern that this move would worsen the already challenging conditions faced by ordinary Nigerians, increasing the costs of transportation, food, and other essential commodities, thus deepening the suffering of the populace.

They further criticized the lack of consultation with key stakeholders, such as the National Assembly, before implementing the decision.

The group called on the government to reverse the price increase and adopt alternative strategies to stabilize the economy.

Among their recommendations were revamping local refineries, tackling corruption within the petroleum industry, and ensuring that any subsidies benefit the wider population rather than select groups.

The caucus pledged to continue advocating for the well-being of citizens, noting that at a time of rampant inflation, rising unemployment, and a depreciating currency, any further increase in fuel prices would only worsen the financial strain on millions of Nigerians.

They also expressed alarm over the lack of transparency and stakeholder involvement in the NNPC’s decision-making process, asserting that this kind of unilateral action goes against the principles of accountability and fairness.

With economic pressures already high, they warned that escalating unrest and public dissatisfaction could become inevitable if the government fails to address these issues.

Pointing to nationwide protests against poor governance, fueled by harsh economic conditions, the caucus cautioned the government about the potential social and political consequences of ignoring the people’s plight.

They urged the Tinubu administration to address the root causes of social unrest by focusing on the economic challenges rather than exacerbating them.

The statement reads “At a time when the nation is grappling with unprecedented economic challenges, including rising inflation, unemployment, and the depreciating value of the Naira, any further increase in the price of petrol will only exacerbate the suffering of the average Nigerian.

“The ripple effects of such an increase are far-reaching, impacting the cost of transportation, food, and other essential goods and services. This will ultimately erode the already fragile purchasing power of millions of our citizens, pushing more families into poverty.

“The Minority Caucus is deeply concerned that this decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders, including the National Assembly, which represents the interests of the people.

“This unilateral action disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry. The current dire economic conditions, characterized by rising unemployment, soaring inflation, and widening inequality, have placed immense pressure on the livelihoods of citizens.

“These hardships have understandably triggered widespread protests, as people demand relief and accountability from those in power. The resulting unrest and chaos serve as stark reminders that economic instability can quickly escalate into broader social and political instability.

“While it is crucial for all stakeholders, including government, businesses, and civil society, to work collaboratively to address these economic challenges and restore stability, 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. Not doing so merely provides filips to the army of youths who are jobless to return to occupy the streets and unleash violence on our country.

“This government must learn lessons from destructive effects of the national protests against bad governance, triggered by depressing and excruciating 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 stabilize the economy without placing an additional burden on the people.

“This includes prioritizing the rehabilitation and upgrading of our local refineries, curbing corruption within the petroleum sector, and ensuring that subsidies genuinely benefit the masses rather than a few privileged individuals.

“The Minority Caucus stands with the Nigerian people in rejecting this petrol price hike and will continue to advocate for policies that prioritize the welfare and well-being of all citizens. We urge the government to listen to the voice of the people and take immediate steps to alleviate their suffering, rather than aggravate it.“