The Minority Caucus of the House of Representatives has strongly condemned the recent decision by the Nigerian National Petroleum Corporation Limited (NNPCL) to increase the pump price of Premium Motor Spirit (PMS), commonly known as petrol. The caucus, led by Minority Leader Hon.
Kingsley Chinda, has called on the Federal Government to urgently intervene and reverse the hike, describing it as “grossly insensitive” to the harsh economic realities currently faced by millions of Nigerians.
On Tuesday, the NNPCL announced a new pump price, raising petrol prices from ₦568 to as high as ₦897 per litre, depending on the location.
This sharp increase, occurring amidst ongoing fuel scarcity, has further aggravated an already dire economic situation.
In a statement released by Hon. Chinda on Thursday, the Minority Caucus expressed their deep concern over the price hike, noting that it would exacerbate the suffering of ordinary citizens who are already struggling with inflation, unemployment, and the declining value of the Naira.
In their statement, the Minority Caucus condemned the timing of the price hike, arguing that it would place an additional burden on Nigerians who are already grappling with skyrocketing living costs.
“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 caucus stated.
They added that the ripple effects of the price increase would be felt across all sectors of the economy, particularly in the transportation and food industries, where rising costs would further erode the purchasing power of already struggling households.
“The ripple effects of such an increase are far-reaching, impacting the cost of transportation, food, and other essential goods and services,” the statement continued.
“This will ultimately erode the already fragile purchasing power of millions of our citizens, pushing more families into poverty.”
The Minority Caucus also criticized the NNPC for making the decision unilaterally, without adequate consultation with key stakeholders, including the National Assembly.
The caucus argued that such a critical decision, with widespread impact on the economy and citizens, should have been made with transparency, accountability, and fairness.
“This unilateral action disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry,” the statement noted.
“The current dire economic conditions, characterized by rising unemployment, soaring inflation, and widening inequality, have placed immense pressure on the livelihoods of citizens.”
The caucus further warned that the ongoing fuel price hike could lead to broader social and political instability.
“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.”
The Minority Caucus called on the Federal Government to immediately reverse the petrol price hike and take urgent steps to stabilize the economy without further burdening the people.
In addition to reversing the hike, the caucus urged the government to explore long-term solutions to Nigeria’s fuel crisis, including the rehabilitation and upgrading of the country’s refineries and curbing corruption within the petroleum sector.
“We, therefore, call on the Federal Government to urgently intervene and reverse this unwarranted increase in petrol prices,” the caucus demanded.
“We also urge the government to explore and implement more sustainable measures to stabilize the economy without placing an additional burden on the people.”
The fuel price hike has also drawn strong condemnation from organized labour groups and opposition parties. Both the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have criticized the government for the price hike, warning that it will worsen the economic misery faced by Nigerian workers and ordinary citizens.
NLC President, Joe Ajaero, expressed disappointment with the government’s handling of the fuel crisis, accusing it of betraying the labour movement.
“This latest increase in fuel prices is a betrayal of the Nigerian people,” Ajaero said. “The government has failed to provide relief to Nigerians, and instead, it has chosen to add to their suffering.”
Similarly, TUC President Comrade Festus Osifo called on the government to “immediately rescind these decisions, promote policies that will strengthen the Naira, and take decisive steps to alleviate the suffering of Nigerians.”
Osifo also criticized the government for not consulting key stakeholders before implementing the price hike, calling it a “blatant disregard for the welfare of the Nigerian people.”
The main opposition party, the Peoples Democratic Party (PDP), also joined the chorus of disapproval. In a statement, the PDP described the price hike as a “brutal assault on the sensibility of Nigerians,” and called on the government to reverse the increase immediately.
The recent fuel price hike comes at a time when Nigeria is facing significant economic challenges.
Inflation in the country reached a three-decade high of 34 percent in June, and although consumer prices slowed slightly in July, food inflation remained high at 39.5 percent.
The removal of fuel subsidies, intended to stabilize the economy and encourage investment, has contributed to the rising cost of living, leaving many Nigerians frustrated with the government’s economic policies.
Nigeria, despite being one of Africa’s largest oil producers, imports most of its refined petrol due to inadequate refining capacity.
The NNPCL, which has been the sole importer of petrol in recent years, has struggled to maintain supplies, citing debts of over $6 billion to its suppliers.
While the government has defended the decision to increase fuel prices as necessary to keep the NNPCL operational, the decision has been met with widespread opposition from the public, labour unions, and political leaders.
