Reps minority slams NNPCL’s fuel price hike, demands reversal

The Minority Caucus of the House of Representatives has strongly denounced the recent fuel price increase imposed by the Nigerian National Petroleum Company Limited (NNPCL), calling on the Federal Government to urgently reverse the hike.

In a statement released early Thursday and signed by Minority Leader Kingsley Chinda, the caucus condemned the increase as ill-timed and grossly insensitive to the severe economic difficulties faced by Nigerians. The caucus warned that the price hike would erode the already fragile purchasing power of millions, pushing more families deeper into poverty.

Chinda emphasized that the decision was made amidst unprecedented economic challenges, including rising inflation, high unemployment, and a depreciating Naira. He warned that any further increase in petrol prices would only worsen the hardships faced by ordinary Nigerians.

The Minority Leader expressed concern that the NNPC’s decision seemed to have been made without adequate consultation with relevant stakeholders, including the National Assembly, which represents the people’s interests. The caucus urged the federal government to seek and implement more sustainable economic measures without placing additional burdens on the populace.

“The ripple effects of this increase are far-reaching, affecting transportation costs, food prices, and other essential goods and services,” Chinda said. “This unilateral action disregards the principles of transparency, accountability, and fairness that should guide decisions impacting the lives of citizens.”

He noted that the current economic climate, marked by rising unemployment, soaring inflation, and widening inequality, has put immense pressure on citizens’ livelihoods. This has understandably led to widespread protests, as people demand relief and accountability from those in power.

The unrest and chaos underscore that economic instability can quickly lead to broader social and political instability. The caucus emphasized the need for collaborative efforts among government, businesses, and civil society to address these challenges and restore stability.

The statement called on President Tinubu’s government to urgently address the link between dire economic conditions and social unrest, rather than exacerbating the situation. The caucus warned that failing to act could provoke further unrest among the unemployed youth.

“The government must learn from the destructive impact of past protests triggered by economic hardship,” Chinda said. “We call on the Federal Government to immediately reverse this unjustified petrol price increase and implement more sustainable measures to stabilize the economy.”

The caucus also urged the government to prioritize the rehabilitation and upgrading of local refineries, curb corruption in 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 the petrol price hike and will continue to advocate for policies that prioritize the welfare and well-being of all citizens.