The African Democratic Congress (ADC) has called on the Federal Government to introduce a temporary cap on petrol prices, warning that continued increases are worsening the cost of living for millions of Nigerians.
In a statement signed by its National Publicity Secretary, Bolaji Abdullahi, on Wednesday, March 11, the opposition party said urgent action is needed to prevent fuel prices from rising further as global oil markets face renewed volatility.
The party urged the government to adopt what it described as a temporary and time-bound price control measure to cushion the effects of the current global energy shocks.
“The African Democratic Congress (ADC) calls on the Federal Government to immediately introduce a temporary and time-bound cap on petrol prices to prevent further increases that continue to push the cost of living beyond the reach of millions of Nigerians,” the statement said.
ADC noted that recent adjustments in petrol prices are partly linked to instability in international oil markets triggered by tensions in the Middle East.
READ ALSO: ADC Chieftain Urges Temporary Fuel Price Cap Amid Global Oil Surge
However, the party argued that such external developments should not be allowed to deepen the economic difficulties already facing Nigerians.
“Recent hikes in petrol prices reflect rising volatility in global oil markets, driven in part by the ongoing crisis in the Middle East.
“However, the African Democratic Congress believes that extermal shocks cannot justify allowing fuel prices to spiral without restraint in an already fragile economy that continues to reel from the consequences of the Tinubu-led APC government’s abrupt removal of the fuel subsidy,” the statement added.
The party warned that without immediate intervention, further increases in petrol prices could place additional pressure on households and businesses already struggling with rising living costs.
The middle east crisis has caused an increase in oil prices, resulting in a surge in the price of petrol and other derivatives of crude oil.
Petrol prices in Nigeria has ranged between ₦1200 to ₦1500 per litre in various parts of the country.