Nigerians from various sectors have united in criticising the recent hike in petrol prices, which rose from N617 to N897 per litre on September 3, 2024.
This increase, approved by the Nigerian National Petroleum Company Limited (NNPCL), has led to widespread discontent across professional bodies and civil society, including the Manufacturers Association of Nigeria (MAN), Nigeria Labour Congress (NLC), and Nigerian Bar Association (NBA).
The economic impact has been severe, with transportation costs rising by 50-100% in some areas. Many citizens, already struggling, are now facing increased expenses on food, transport, and other essentials, leading to protests and heightened frustration across the country.
Chairman of the House of Representatives Committee on Petroleum Resources, Alhassan Doguwa, urged the Government to reverse the hike, citing the unbearable burden on citizens. Despite this, President Bola Tinubu, currently abroad, defended the decision, stating that hard choices were necessary to pave the way for future development.
He said, As a committee, we urge the Nigerian Government and of course, the NNPCL to consider the plight of Nigerians and suspend this recent increase in pump price of petrol.
Nigerians are currently going through a lot today and adding to this burden is not in our collective best interest. Let us revert to the old pump price as soon as possible. And probably intensify engagements with major stakeholders to address the problem.
Similarly, Senior Economist and partner, SPM Professionals, Dr Paul Alaje, speaking on the new petrol price increase, said the price will keep increasing because the Federal Government is yet to tidy up its micro-economic policies.
Also, Spokesperson for the pan-Yoruba social and political organisation, Afenifere, Jare Ajayi said apart from its wide-range social and economic impact on the citizenry already going through hardship, the policy would negatively impact progress achieved through some government policies.
Failure by the NNPC Ltd to reverse the latest increment in fuel price will rub off negatively on some policies of President Bola Tinubus government to ease things for the citizens, especially such policies as the Students Loan Scheme and Consumer Credit Scheme that are just taking off, he said, adding that It is crucial, therefore, that the government orders NNPCL to reverse the price hike forthwith, as it is already causing untold hardship for the people, he counseled.
Also, the President of the National Bar Association, (NBA), Afam Osigwe, urged the Federal Government to withdraw the increase in the pump price of petrol and engage relevant stakeholders to discuss the way forward.
With the countdown to the September 15 deadline, which the NNPCL chose as the day for the supply of petrol from the $20 billion Dangote Petroleum Refinery, queues were yet to ease at many petrol filling stations across the country, which are, in some cases, deserted because of the inadequacy of supplies.
President Bola Tinubu, however, on Friday reacted to the lamentations back home from Beijing, China where he attended the 2024 Summit of the Forum on China-Africa Cooperation, (FOCAC).
Addressing members of Nigerians in the Diaspora Organisation in China (NIDO China) and the Nigerian community at the China World Hotel, Tinubu said, among other things, that Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development.
The President, meanwhile, is now in London, England on a private visit.
