Reps panel asks FG, NNPC to suspend petrol price hike

Alhassan Ado-Doguwa, chairman of the house of representatives committee on petroleum resources (upstream), has asked the federal government and the Nigerian National Petroleum Company (NNPC) Limited to reverse the recent petrol price increase with immediate effect.

On September 3, the national oil firm increased the pump price of petrol to N855 across its retail outlets amid long queues at filling stations.

The development followed a protracted scarcity which has strained business activities nationwide.

Speaking on the matter, Doguwa said private companies took advantage of gaps in the system to make profits at the expense of Nigerians, warning that such actions could hinder the country’s progress.

“We urge the federal government and, of course, the NNPCL to consider the plight of Nigerians and suspend this recent increase in pump price,” he said.

Doguwa described the hike as “unacceptable”, noting that Nigerians are already facing numerous challenges.

The lawmaker said any additional burden is not in the country’s best interest.

Doguwa also vowed to confront the issue of revenue loss caused by crude oil theft, using his position as the chairman of the special committee on crude oil theft and vandalisation of pipelines.

He reiterated the need to collaborate with youths and community leaders in oil-producing areas to tackle frequent cases of theft that could impact petrol supply across Nigeria.

“We are working in collaboration with security agencies in their quest to secure oil pipelines and other critical facilities in the country,” he said.

The chairman, however, asked Nigerians to give the federal government time to reposition the oil and gas sector.

He expressed confidence in the implementation of the Petroleum Industry Act and efforts to revive the nation’s refineries, saying the country would soon reap the benefits of its oil and gas resources.

Ado-Doguwa said with interventions the government is making to commence operations at Port Harcourt and Warri refineries, “these challenges will come to an end”.

On September 5, Heineken Lokpobiri, minister of state for petroleum resources (oil), had said the federal government is not fixing the prices of petrol, stressing that the sector has been deregulated.

On its part, the NNPC said the price is determined by market forces, adding that the exchange rate also “plays a significant role in influencing these prices”.