Following the Nigerian National Petroleum Company Ltd. (NNPCL)’s recent decision to raise petrol prices from N617 to N897, the House of Representatives Committee on Petroleum Resources (Upstream) has called on President Bola Tinubu to reverse the increase. The committee expressed concern over the impact this hike has on everyday Nigerians, citing a significant rise in the cost of goods and transportation that is diminishing consumers’ purchasing power.
Chairman of the committee, Alhassan Ado-Doguwa, urged the federal government and NNPCL to reconsider the decision. He called for the immediate suspension of the new price, suggesting a return to the previous pump rate while more discussions take place with key industry stakeholders. According to Doguwa, this move would help ease the economic strain on citizens.
In addition to addressing the price hike, Doguwa, who also leads the Special Committee on Crude Oil Theft, committed to tackling crude oil theft and pipeline vandalism, which contribute to supply disruptions. He emphasized the need to collaborate with local youth and community leaders in oil-producing regions to find lasting solutions.
Doguwa expressed confidence that a price reversal would restore calm and allow Nigerians to resume their daily activities with less financial burden. He also encouraged public support for ongoing government reforms in the oil and gas sector, particularly the plans to resume operations at Port Harcourt and Warri refineries.