ADC urges FG to limit petrol prices as global oil market fluctuates
The African Democratic Congress (ADC) has called on the Federal Government to introduce a temporary cap on petrol prices to protect Nigerians from further increases in fuel costs triggered by instability in the global oil market.
In a statement issued on Wednesday, the ADC’s spokesperson, Bolaji Abdullahi, said recent increases in petrol prices reflect growing volatility in global oil markets, largely influenced by the ongoing crisis in the Middle East.
“The African Democratic Congress calls on the Federal Government to immediately introduce a temporary and time-bound cap on petrol prices to prevent further increases that continue to push the cost of living beyond the reach of millions of Nigerians,” Abdullahi said.
According to the party, while global developments may influence energy prices, such shocks should not be allowed to worsen economic hardship in Nigeria’s already fragile economy.
The statement noted that the country is still grappling with the impact of the removal of fuel subsidy by the administration of President Bola Tinubu, a decision it said continues to place pressure on households and businesses. It added that Tinubu announced the end of petrol subsidy on May 29, 2023, during his inauguration, while Nigeria fully exited under-recovery payments after deregulating the downstream sector in October 2024.
According to the statement, global oil prices have recently experienced sharp fluctuations, with crude briefly rising above $100 per barrel — the highest level since July 2022 — before dropping to about $87 the following day.
The party added that the surge in crude prices has also pushed up the cost of petrol locally, leading to higher pump prices and increased transport fares across several parts of the country.
It further noted that although Dangote Petroleum Refinery recently reduced its ex-gantry petrol price to N1,075 per litre after earlier increases, pump prices at filling stations across Nigeria remain elevated.
