The House of Representatives Committee on Petroleum Resources (Upstream) has called for a reversal of the recent fuel price hike, urging the Federal Government and the Nigerian National Petroleum Company Ltd. (NNPCL) to take immediate action.
Unacceptable Price Hike
Rep. Alhassan Ado-Doguwa, Chairman of the committee, expressed concern over the increased petrol price, describing it as “unacceptable.” In a statement released in Abuja, he criticized private companies for exploiting gaps in the system to generate excessive profits at the expense of Nigerians, calling this practice harmful to the country’s overall progress.
“We urge the Federal Government and the NNPCL to consider the plight of Nigerians and suspend this recent increase in pump price,” Ado-Doguwa said.
Addressing the Plight of Nigerians
Since the NNPCL announced the increase in pump price from an average of N617 to N897, across its sales outlets in the country, there has been an almost immediate and drastic hike in the cost of essential goods and transportation, exacerbating the financial burden on Nigerians.
Ado-Doguwa expressed concern over the increase, explaining how it will further exacerbate the economic challenges faced by Nigerians, advocating for an immediate return to the old pump price. He suggested that further consultations with major stakeholders would help address the root causes of the problem.
“Let us revert to the old pump price as soon as possible and intensify engagements with major stakeholders to address the problem,” he urged.
Tackling Oil Theft and Revenue Loss
In addition to the fuel price issue, Ado-Doguwa, who also chairs the Special Committee on Crude Oil Theft and Pipeline Vandalism, pledged to address the loss of government revenue caused by crude oil theft. He emphasized the importance of working with local communities and youth leaders in oil-producing regions to curb these issues.
“We will aggressively seek ways to engage youths and community leaders in oil-producing areas to mitigate crude oil theft, which threatens the supply of petrol across the country,” Ado-Doguwa said.
Collaboration with Security Agencies
He further stated that the committee is collaborating with security agencies to protect oil pipelines and other vital infrastructure. Ado-Doguwa expressed confidence that returning to the previous pump price would help ease tensions and allow Nigerians to resume their daily lives without further financial strain.
“We believe that a return to the old pump price will calm frayed nerves, enabling Nigerians to go about their daily activities with ease,” he noted.
Supporting the Tinubu Administration’s Reforms
Ado-Doguwa also urged Nigerians to give the administration of President Bola Tinubu a chance to reform the oil and gas sector. He pointed to the implementation of the Petroleum Industry Act and the government’s efforts to revive the country’s refineries as key steps toward ensuring long-term benefits from Nigeria’s oil and gas resources.
“We believe that with the interventions the government is making, including reviving operations at the Port Harcourt and Warri refineries, these challenges will soon be resolved,” he stated.
