The House of Representatives Committee on Petroleum Resources (Upstream) has called for reinstatement of the previous fuel price, urging the Federal Government and the Nigerian National Petroleum Company Ltd. (NNPCL) to act accordingly.
In a statement issued in Abuja, the committee’s Chairman, Alhassan Ado-Doguwa, characterized the increase in petrol prices as intolerable.
He asked the concerned stakeholders to consider the plight of Nigerians and return to the old price of the commodity.
He emphasized that allowing private companies to exploit weaknesses in the system for excessive profits at the expense of Nigerian citizens is detrimental to the nation’s advancement.
Doguwa, who also serves as the Chairman of the Special Committee on Crude Oil Theft and Pipeline Vandalism, reiterated his commitment to addressing the issues arising from revenue losses to the government due to crude oil theft.
He said: “We urge the Federal Government and, of course, the NNPCL to consider the plight of Nigerians and suspend this recent increase in pump price.
“Let us revert to the old pump price as soon as possible and probably intensify engagements with major stakeholders to address the problem.
“As a special committee, we will aggressively seek modalities to interface with the youths and community leaders in the oil-producing areas.”
According to Doguwa, this was to address the frequent cases of crude oil theft, which could affect the petrol supply across the country.
“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, thus enabling Nigerians to go about their daily activities with ease,” he added.
The legislator further encouraged Nigerians to allow the administration of President Bola Tinubu the opportunity to reform the oil and gas sector.
He emphasized that the Petroleum Industry Act and initiatives aimed at revitalizing the country’s refineries would enable Nigeria to enjoy the advantages of its oil and gas resources soon.
“We believe that with interventions the government is making to commence operations at Port Harcourt and Warri refineries, these challenges will end,” he said.
It is worth noting that the NNPCL had earlier instructed its fuel sales outlets to raise their pump prices from an average of ₦617 to ₦897.
OsunDailyNG reports that this decision has led to an immediate price increase across various market commodities and transportation services.
