The African Democratic Congress (ADC) has asked the federal government to introduce a “temporary and time-bound cap” on petrol prices to prevent further increases that could worsen the cost of living for Nigerians.
In a statement on Wednesday, Bolaji Abdullahi, ADC’s
spokesperson, said the recent hikes in petrol prices reflect rising volatility
in global oil markets.
“The African Democratic Congress (ADC) calls on the Federal
Government to immediately introduce a temporary and time-bound cap on petrol
prices to prevent further increases that continue to push the cost of living
beyond the reach of millions of Nigerians,” Abdullahi said.
“Recent hikes in petrol prices reflect rising volatility in
global oil markets, driven in part by the ongoing crisis in the Middle East.”
However, he said the ADC believes that external shocks
cannot justify allowing fuel prices to spiral without restraint “in an already
fragile economy that continues to reel from the consequences of the Tinubu-led
APC government’s abrupt removal of the fuel subsidy”.
President Bola Tinubu announced the end of the petrol
subsidy on May 29, 2023, during his inauguration, but Nigeria fully exited
under-recovery payment when it deregulated the downstream sector in October
2024.
The Middle East conflict has ushered in unprecedented
volatility in the global market as crude oil prices crossed $100 per barrel on
Monday — the highest level since July 2022 — before easing to $87 on Tuesday.
Iran, on Wednesday, warned that global oil price would reach
$200 a barrel, threatening to prevent oil shipments from passing through the
Strait of Hormuz.
Following the spike in crude oil and ex-gantry petrol
prices, retail stations’ pump prices have skyrocketed, resulting in transport
fares doubling on some major routes in Nigeria.
Dangote Petroleum Refinery, on Tuesday, reduced its
ex-gantry petrol price to N1,075 per litre — after three previous hikes.
However, pump prices remain elevated.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com