Get Guardian on GoogleFollowing the United States/ Israel and Iran war, which affected crude and refined product flows, National President of Nigerian Society of Chemical Engineers, Bayo Olanrewaju-Alo, has urged President Bola Ahmed Tinubu to urgently prioritise diesel price relief for productive sectors.
Addressing journalists at the University of Lagos recently, he observed diesel powers transportation, food distribution, manufacturing, telecoms infrastructure, hospitals and small and medium enterprises.
To this end, he suggested government should enact strong regulations that would provide targeted relief for registered mass transit operators, food logistic providers and strategic productive sectors to reduce inflationary pressures.
In addition, he also stressed need for government to adopt temporary, transparent and targeted measures aimed at cushioning the effects of the price hike for citizens.
To him, the present fuel price shock requires disciplined and strategic intervention, rather than a return to fiscally unsustainable blanket subsidy.
Speaking further, he noted temporary and targeted relief measures were justified to prevent the fuel price shock from cascading into food inflation, transport paralysis, business closures and deeper poverty.
At the same time, he suggested government must demonstrate shared sacrifice by aggressively reduce wasteful public expenditures and redirecting scarce resources toward interventions that directly improve the welfare and economic resilience of Nigerians.
Her suggestions include, waiving non-essential levies and charges on petroleum products; creating fuel stabilisation window; stabilising aviation fuel supply; ensuring transparency in domestic fuel supply and pricing; maintaining import flexibility and price control to prevent scarcity and expanding mass transit support.
