Reps Minority Caucus calls for immediate reversal of petrol price increase

The Minority Caucus of the House of Representatives has called for an urgent reversal of the recent hike in petrol prices, citing the severe impact it would have on Nigerians.
The caucus, led by Minority Leader Kingsley Chinda, emphasised that the decision to increase the price of Premium Motor Spirit (PMS) was made without sufficient consultation and disregarded key principles of transparency, accountability and fairness.

In a statement titled, ‘Reverse Petrol Prices Now’, Hon. Chinda urged President Bola Tinubu to implement immediate measures to alleviate the economic challenges Nigerians are facing. He pointed out that the nation is already dealing with rising inflation, unemployment, and a devalued currency, and that any further increase in petrol prices would only worsen these conditions.

The statement highlighted the far-reaching consequences of the price hike, particularly its effect on transportation costs, food prices, and other essential goods and services. Chinda warned that the increase would erode the purchasing power of millions of Nigerians, pushing many deeper into poverty.

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He also criticised the Nigerian National Petroleum Corporation (NNPC) for making the decision unilaterally, without involving key stakeholders such as the National Assembly, which represents the people’s interests. Chinda emphasised that the current economic hardship is driving widespread protests and warned that failing to address the root causes could lead to further social unrest.

The Minority Caucus called on the Federal Government to reverse the petrol price hike and explore more sustainable solutions to stabilize the economy without burdening the already struggling population. They cautioned that the government must learn from the past, where protests against poor governance were fueled by economic hardship, and avoid actions that could escalate tensions further.