Reps Minority Demands Immediate Petrol Price Reversal to Ease Economic Hardship

The Minority Caucus of the House of Representatives has demanded an immediate rollback of the recent petrol price hike, asserting that it will only worsen the suffering of Nigerians.

In a statement released on Thursday, the caucus criticized the unilateral increase in Premium Motor Spirit prices, arguing that it disregards transparency, accountability, and fairness, which are crucial in decisions affecting citizens’ lives.

Minority Leader Kingsley Chinda’s statement, titled “Reverse Petrol Prices Now,” urged President Bola Tinubu to implement urgent measures to address the link between severe economic conditions and social unrest, rather than exacerbating the already critical situation.

The statement reads: “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 caucus expressed deep concern that the decision by the NNPC seems to have been made without adequate consultation with stakeholders, including the National Assembly, which represents the people’s interests. “This unilateral action disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry,” the statement said.

It also highlighted the potential for increased unrest due to economic instability, noting that widespread protests have already begun as people seek relief and accountability. “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 statement cautioned the government against worsening the situation, stating, “Before the situation deteriorates further, Tinubu’s government should address the connection between dire economic conditions and social unrest rather than creating conditions that exacerbate the already dire economic conditions.”

The caucus called on the Federal Government to urgently reverse the petrol price increase and to explore sustainable measures to stabilize the economy without further burdening the populace.