House Minority Caucus Demands Reversal of NNPCL Fuel Price Hike Amidst Economic Hardship

The Nigerian National Petroleum Company Limited (NNPCL) recently raised fuel prices, a decision fiercely opposed by the House of Representatives Minority Caucus, which has called on the federal government to immediately reverse the move.

The caucus condemned the price increase, describing it as ill-timed and inconsiderate to the economic difficulties currently facing Nigerians. In a statement on Thursday, House Minority Leader Kingsley Chinda warned that the increase in fuel prices could further weaken the already strained purchasing power of millions and push more families into poverty.

Chinda expressed concern that the price hike comes at a time of unprecedented economic challenges in the country, including rising unemployment, inflation, and the depreciating value of the Naira. He also criticized the lack of consultation with the National Assembly and other stakeholders, which he said has caused significant alarm within the caucus.

The caucus urged the federal government to explore more sustainable ways to stabilize the economy without increasing the burden on the populace. “The ripple effects of such an increase are far-reaching, impacting the cost of transportation, food, and other essential goods and services,” Chinda noted.

“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,” he continued.

The Minority Caucus warned that economic instability could quickly escalate into broader social and political instability, as seen in recent widespread protests against economic hardships. Chinda stressed the need for the government to address the root causes of social unrest rather than aggravate the situation.

“We 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,” he said.

Chinda highlighted the need to prioritize the rehabilitation and upgrading of local refineries, curb corruption within the petroleum sector, and ensure that subsidies genuinely benefit the masses rather than a select few.

“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,” Chinda concluded.