The Minority Caucus of the House of Representatives has strongly condemned the recent decision by the Nigerian National Petroleum Corporation Limited (NNPCL) to raise the price of petrol.
On Tuesday, the NNPCL increased the pump price of petrol from ₦568 to ₦855 or ₦897 per litre, depending on the location, amid ongoing fuel scarcity in the country.
This price hike followed the NNPCL’s admission of a debt exceeding $6 billion owed to its suppliers.
In a statement signed by the Minority Leader, Hon. Kingsley Chinda, the Reps Minority Caucus criticized the increase as ill-timed and profoundly insensitive to the current economic hardships faced by Nigerians.
The caucus has called on the Federal Government to promptly intervene and reverse what it deems an unjustified increase in petrol prices.
The statement added, “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.”
The recent increase in petrol prices has also faced strong criticism from organized labor, with both the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) demanding its reversal.
They argue that the price hike will exacerbate the hardships faced by Nigerian workers and the general public.
In a statement, NLC President Joe Ajaero accused the Federal Government of betraying the labor movement.
TUC President Comrade Festus Osifo urged the Federal Government to “immediately reverse these decisions, implement policies to strengthen the naira, and take decisive actions to alleviate the suffering of Nigerians.”
Osifo criticized the sudden increase, noting it was implemented without consulting key stakeholders, and labeled it a blatant disregard for the welfare of Nigerians, especially the working class who are most affected.
The main opposition party, the Peoples Democratic Party, also condemned the price hike, calling on the Federal Government to reverse it and describing the increase as a severe affront to the sensibilities of Nigerians.