The Minority Caucus of the House of Representatives has vehemently rejected the recent fuel price increase by the Nigerian National Petroleum Company Limited, NNPCL, warning the Federal Government to urgently reverse the increase.
Condemning the price hike, the caucus said the development was not only ill-timed but also grossly insensitive to the harsh economic conditions being experienced by Nigerians across the country.
A statement signed by the Minority Leader of the House of Representatives, Kingsley Chinda, early Thursday, warned the fuel price hike will ultimately erode the already fragile purchasing power of millions of citizens, pushing more families into poverty.
He noted that the decision came at a time when the nation was grappling with unprecedented economic challenges, including rising inflation, unemployment, and the depreciating value of the Naira, warning that any further increase in the price of petrol would only exacerbate the suffering of the average Nigerian.
The Minority leader said the caucus was deeply concerned that the decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders, including the National Assembly, which represents the interests of the people.
The caucus also urged the federal government to explore and implement more sustainable measures to stabilize the economy without placing an additional burden on the people