Abuja, September 6, 2024 (TheGavel) — The House of Representatives Committee on Petroleum Resources (Upstream) has issued a strong demand for the reversal of the recent petrol price hike, calling on both the Federal Government and the Nigerian National Petroleum Company Ltd. (NNPCL) to restore the previous price.
Rep. Alhassan Ado-Doguwa, the Chairman of the committee, characterized the recent increase in petrol prices as unacceptable. In a statement released in Abuja, he condemned the substantial price rise, which saw the cost of Premium Motor Spirit (PMS) surge from an average of N617 to N897 per litre. This move has been widely criticized for exacerbating the economic difficulties faced by Nigerians.
Rep. Ado-Doguwa expressed his discontent with the price hike, stating, “We urge the Federal Government and, of course, the NNPCL to consider the plight of Nigerians and suspend this recent increase in pump price. The current situation, where private companies exploit gaps in the system to secure arbitrary profits at the expense of ordinary citizens, is inimical to the country’s progress.”
He highlighted the ongoing economic hardships experienced by Nigerians, emphasizing that adding to these burdens is counterproductive. “Nigerians are currently enduring significant challenges, and compounding these difficulties 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,” Ado-Doguwa urged.
In addition to his role on the Petroleum Resources Committee, Ado-Doguwa chairs the Special Committee on Crude Oil Theft and Vandalization of Pipelines. He pledged to address the revenue losses resulting from crude oil theft, which undermines the government’s financial resources. “As a special committee, we will aggressively seek modalities to interface with the youths and community leaders in the oil-producing areas,” he stated. This effort aims to combat the frequent occurrences of crude oil theft, which threatens to disrupt petrol supply across the country.
Ado-Doguwa also emphasized the committee’s collaboration with security agencies to protect oil pipelines and other vital infrastructure. “We are working in collaboration with security agencies in their quest to secure oil pipelines and other critical facilities in the country. We believe that a return to the old pump price will calm frayed nerves and enable Nigerians to go about their daily activities with greater ease,” he noted.
The lawmaker advised patience and support for President Bola Tinubu’s administration, suggesting that the government’s efforts to revitalize the oil and gas sector could yield positive results. He pointed to the Petroleum Industry Act and ongoing initiatives to restart operations at the Port Harcourt and Warri refineries as promising steps toward resolving the current challenges. “We believe that with the interventions the government is making to commence operations at the Port Harcourt and Warri refineries, these challenges will come to an end,” Ado-Doguwa concluded.
The recent price adjustment, implemented by NNPC Ltd. on Tuesday, has led to a significant spike in petrol costs, which has, in turn, impacted the prices of market commodities and transportation services across the country. (NAN)
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