'Seun Ibukun-Oni, Abuja
DAILY COURIER - The Minority Caucus of the House of Representatives has condemned the recent fuel pricing arrangement between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refineries, calling it exploitative and unfair to Nigerians. The caucus, led by Rep. Kingsley Chinda, expressed strong disapproval of the fuel pricing structure that has reportedly set the price of fuel at N950 per litre in some regions and as high as N1000 per litre in others.
In a statement issued by the caucus, Rep. Chinda emphasized that the pricing of locally refined fuel should be considerably lower than imported fuel due to the absence of landing charges, import duties, and other associated costs. He asserted that the current pricing arrangement is unjustifiable and places an undue burden on already struggling Nigerians.
“The NNPCL's 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. 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,” Chinda stated.
Local Refining Should Reduce Costs
The caucus stressed that the price of fuel refined locally in Nigeria should reflect significant savings due to the elimination of the costs associated with importing fuel. These costs, such as landing charges and import duties, typically inflate the price of imported petroleum products. The caucus insisted that any pricing framework that ignores these factors is exploitative and detrimental to Nigerians.
"Any fuel pricing regime that disregards these factors appears to be designed to unfairly exploit Nigerians, especially at a time when the average citizen is already grappling with severe economic challenges," the statement added.
Call for Urgent Review of Pricing Structure
The Minority Caucus called on NNPCL, Dangote Refineries, regulatory bodies, and the Nigerian government to urgently review the fuel pricing structure. According to the caucus, if the current pricing arrangement persists, it will only deepen the economic difficulties faced by millions of Nigerians and erode public confidence in the ability of local refineries to provide affordable solutions to the country’s energy needs.
"The current pricing arrangement, if allowed to persist, will only deepen the economic hardship experienced by millions of Nigerians and further undermine trust in the ability of local refineries to provide affordable solutions to the nation’s fuel needs," the caucus warned.
Chinda further reminded all stakeholders involved in the energy sector, particularly NNPCL and Dangote Refineries, that their primary responsibility is to serve the Nigerian people, not to profit at their expense. The statement urged these entities to prioritize the welfare of citizens by ensuring fuel prices are fair and reflective of the actual cost of production.
The caucus reaffirmed its commitment to advocating for the welfare of Nigerians and engaging with relevant stakeholders to ensure that fuel prices remain affordable.
The Minority Caucus emphasized that it would continue to work towards ensuring that the interests of the Nigerian people are protected. It urged the executive and regulatory bodies to take swift action to correct the exploitative pricing structure and ensure a more sustainable and fair fuel pricing system in the country.
