The Minority Caucus of the House of Representatives has raised serious concerns over the new fuel pricing structure announced by NNPC Ltd in collaboration with Dangote Refinery. Describing the pricing as “exploitative” and “burdensome,” the caucus is urging an immediate review of the arrangement to alleviate the financial strain on Nigerians.
In a statement signed by the caucus leader, Rep. Kingsley Chinda, the group expressed alarm over the recently imposed fuel prices, which have surged to N950 per litre in some regions and as high as N1000 in others.
“The NNPCL statement clearly indicated that the price of fuel has been set at an alarming N950 per litre in some parts of Nigeria, and an even more exorbitant N1000 per litre in other regions,” Chinda stated.
The Minority Caucus questioned the logic behind such steep pricing for locally refined fuel, noting that it should be considerably more affordable than imported fuel, which incurs extra costs such as landing charges, import duties, and taxes.
“We find this pricing regime to be not only burdensome but utterly unacceptable, particularly in light of the fact that this fuel is refined locally. The pricing of locally refined fuel should be significantly lower than imported fuel, as it lacks the incidental costs associated with landing charges, import duties, and other taxes,” the statement read.
The caucus warned that ignoring these factors appears to unfairly burden Nigerians, especially in the context of the current economic difficulties plaguing the country.
“It is important to remind all stakeholders, especially NNPC Ltd and Dangote Refineries, that the primary responsibility of both public and private enterprises in the energy sector is to serve the Nigerian people, not to profiteer at their expense,” Chinda added.
The group called on regulatory bodies, the executive, and all relevant stakeholders to immediately reassess this pricing model to ensure it aligns with the expectations of affordable fuel for Nigerians.
“If this current pricing arrangement is allowed to persist, it will only deepen the economic hardship experienced by millions of Nigerians and further undermine trust in local refineries’ capacity to deliver affordable solutions to the nation’s fuel needs,” the statement warned.
The Minority Caucus reaffirmed its commitment to protecting the welfare of Nigerians and vowed to continue pushing for a fair and transparent fuel pricing structure that genuinely reflects the value of locally refined products.
