A chieftain of the African Democratic Congress (ADC), Ayodele Adio, has urged the Federal Government to introduce temporary stabilisation measures or impose a price cap on petrol and diesel to mitigate the impact of rising global oil prices on Nigerians and businesses.
Adio made the call in a statement on Monday, March 9, in Abuja, warning that escalating tensions in the Middle East could push international oil prices higher and place additional pressure on Nigeria’s fragile economy.
He noted that Nigeria remains highly vulnerable to fluctuations in global fuel prices because petrol and diesel are critical for transportation, electricity generation, and business operations across the country.
“Petrol powers the transportation system that moves people and goods, while diesel remains the backbone of electricity supply for businesses, hospitals, telecom towers, and manufacturers due to unreliable grid power,” Adio said.
He cautioned that any significant rise in fuel prices would likely lead to higher transport fares, increased food prices, and rising operational costs for businesses.
Many small and medium-sized enterprises rely heavily on diesel-powered generators to sustain operations, and further increases could force some businesses to scale back or close.
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“I, therefore, call on the Federal Government to introduce temporary stabilisation measures, including targeted subsidies or price caps, until the global oil market stabilises.
This is not about reversing long-term reforms in Nigeria’s energy sector. It is about protecting citizens and businesses during an extraordinary global shock,” he said.
Adio stressed that such measures should be temporary and carefully structured to remain in place only until international energy markets stabilise and geopolitical tensions in the Middle East subside.
He warned that without swift intervention, rising fuel prices could worsen inflation, reduce purchasing power, and deepen the economic challenges confronting many Nigerian households and businesses.
According to Adio, introducing a temporary subsidy or price cap would provide much-needed relief and help sustain economic activity during the current period of global uncertainty.