Caucus Calls NNPCL-Dangote Fuel Price “Exploitative”
The Nigerian House of Representatives minority strongly condemned the fuel prices recently announced by NNPCL. The Caucus labelled the prices, ranging from ₦950 to ₦1,000 per litre, as “exploitative.” NNPCL attributed the high costs to buying petrol from Dangote Refinery at ₦898 per unit. However, Dangote Refinery denied this claim, intensifying the controversy.
“Outrageous and Unacceptable” Fuel Pricing
Kingsley Chinda, the Chairman of the Minority Caucus, expressed deep dissatisfaction with the pricing, describing it as “outrageous and unacceptable.” He emphasised the economic hardship burdening Nigerians, arguing that locally refined fuel shouldn’t have such high prices. Locally refined fuel, he said, avoids additional costs like landing charges. He insisted these costs are only associated with imported fuel. Therefore, the high pricing of locally refined fuel is unjustifiable.
Locally Refined Fuel Should Be Cheaper
Chinda argued that the current pricing regime is unjustifiable, given that the fuel is refined locally. “We find this pricing regime to be not only burdensome but utterly unacceptable, particularly in light of the fact that this fuel is refined locally,” he said. The Caucus insists that local refining should result in significantly lower prices for consumers.
Deepening Economic Hardships
The Minority Caucus stressed that not reviewing the pricing framework will worsen Nigeria’s already dire economic conditions. They urged NNPCL and Dangote Refinery to reconsider the current price structure. The Caucus warned that current fuel prices would intensify economic hardship. They believe that lower fuel prices are essential to ease the burden on Nigeria’s poor masses.
Urgent Call for Regulatory Intervention
The Caucus urged regulatory bodies and the federal government to step in and facilitate a revision of the pricing framework. They emphasised that the NNPCL and Dangote Refinery must adjust their prices to reflect the realities of local refining and ease the burden on struggling Nigerians.
Caucus Seeks Price Review for the Sake of Nigerians
In their statement, the Minority Caucus made it clear that their primary concern is the welfare of ordinary Nigerians. They appealed for the NNPCL and Dangote Refinery to act in the public’s interest by reducing fuel prices and ensuring that economic relief reaches those who need it most.
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