Opposition to the recent petrol price hike by the Nigerian National Petroleum Corporation Limited (NNPCL) is growing, with key players like the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), the Peoples’ Democratic Party (PDP), former Vice President Atiku Abubakar, and several civil society organizations (CSOs) calling for an immediate rollback of the price increase.
Earlier, groups such as the Nigeria Labour Congress (NLC), Nigeria Employers Consultative Association (NECA), and the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) had similarly demanded a reversal.
Legal Concerns Over Price Fixing
Femi Falana, Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB), challenged the legality of the NNPCL’s price hike, citing Section 205 of the Petroleum Industry Act, which he claims prohibits such price adjustments.
NACCIMA’s Warning on Economic Fallout
NACCIMA President Dele Oye expressed concerns that the increase would severely impact both households and businesses.
He warned of rising transportation costs, higher inflation, and increased operational expenses for small businesses relying on petrol-powered generators, predicting a grim outlook for growth and job creation.
PDP and Atiku’s Criticism
The PDP urged the current administration to reverse what it termed “anti-people” policies, calling for measures to reduce fuel prices, boost food production, and revitalize the manufacturing sector to alleviate the worsening economic conditions.
Former Vice President Atiku Abubakar also criticized President Tinubu’s handling of the petrol subsidy, stating that the government’s approach has fueled economic hardship and rising inflation.
He expressed concerns that the administration appears indifferent to the suffering of Nigerians.
Senate’s Potential Intervention
Senate President Godswill Akpabio hinted at a possible Senate intervention but emphasized that the increase was a result of deregulation.
He believes that, over time, competition in the market may bring prices down, especially once local refineries like Dangote’s become fully operational.
CSOs Call for Action
The Joint Action Front (JAF) condemned the hike, calling on the NLC and Trade Union Congress (TUC) to lead a resistance.
JAF urged for a 48-hour general strike and nationwide protests to challenge the government’s decision, warning that continued inaction would embolden further anti-poor policies.
