House minority caucus demands review of fuel prices

The House Minority Caucus on Tuesday urged the Federal Government to review the price of Premium Motor Spirits (PMS) also known as petrol to prevent further hardship for Nigerians.

In a statement in Abuja, Minority Leader, Kingsley Chinda, said the current price of petrol is a huge burden on the general public.

However, he expressed concern over the recent statement issued by the Nigerian National Petroleum Company Limited (NNPCL) on fuel pricing arrangements with the Dangote refinery.

According to him, the NNPCL statement indicated that fuel prices had been set at an alarming level of N950 per litre in some parts of Nigeria, and as much as N1,000 per litre in other areas.

The company last month raised the pump price of fuel from N617 to N885 per litre, sparking angry reactions in the country.

The development has soared the cost of transportation and other essential goods, including food in the country.

The statement read: “We consider this pricing regime not only burdensome but also completely unacceptable, especially since this fuel is refined locally.

“The price of locally refined fuel should be much lower than imported fuel, as there are no incidental costs associated with landing fees, import duties and other taxes.

“Any fuel pricing regime that ignores these factors seems designed to unfairly exploit Nigerians, especially at a time when the average citizen is already grappling with severe economic challenges.

“We call on the Executive, relevant regulatory bodies and all relevant stakeholders to urgently review this pricing framework to ensure that Nigerians are not subjected to unfair and unsustainable fuel prices.

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“The caucus remains committed to safeguarding the welfare of the Nigerian people and will continue to engage all necessary stakeholders to ensure fair prices that reflect the true value of locally refined fuel.”

The lawmaker stressed that the current price regulation, if allowed to continue, would exacerbate the economic hardships experienced by millions of Nigerians.

Chinda reminded all stakeholders, especially NNPCL and Dangote Refinery that the primary responsibility of public and private companies in the energy sector is to serve the Nigerian people, not to profit at the expense of the people.

House minority caucus demands review of fuel prices first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.