The latest fuel price hike by the Nigerian National Petroleum Corporation Limited (NNPCL) reflects a broader concern about the government’s attention to the welfare of Nigerians.
Development Diaries reports that since NNPCL announced the price increase, several voices of opposition have reacted to it, with many insisting on the immediate reversal of the price increase.
Recall that earlier in September, when the price was increased to N897, some Nigerians embarked on a protest, demanding a reduction in pump prices because the high cost of living had become increasingly unbearable, particularly for the most vulnerable citizens.
Nigerians have had to endure fuel price increases in 18 months since President Bola Tinubu’s assumption of office. And more disappointing is the lack of transparency and accountability in all of these.
The NNPCL had repeatedly told Nigerians that things were under control, but when the queue worsened and prices were inflated, it acknowledged being indebted.
Moreover, the NNPCL’s unilateral decision to fix petrol prices has raised significant legal and ethical questions. This action is not only illegal but also undermines the principles outlined in the Petroleum Industry Act, specifically Section 205, which aims to ensure a fair and transparent petroleum sector.
The lack of transparency in how these prices are determined and adjusted adds to the public’s frustration, leading to a perception of an opaque system that prioritises profit over the welfare of the Nigerian people. This is likely to push many households into deeper financial hardship, particularly as they struggle with rising inflation.
For micro, small, and medium enterprises (MSMEs) that heavily rely on affordable fuel for their operations, the repercussions could be even more dire, potentially leading to job losses and stunted economic growth.
President Tinubu, who is also serving as the Minister of Petroleum, must recognise that reversing this price hike is crucial to restoring public trust and alleviating the burdens placed on Nigerians, particularly those in the most vulnerable sectors of society.
The government needs to recognise that effective governance requires not only making difficult decisions but also ensuring that these decisions are communicated transparently and are in the best interest of the public.
A reversal of the fuel price hike, coupled with an emphasis on transparent governance, could serve as a critical step toward rebuilding trust between the government and the citizens it serves.
Development Diaries calls on the president to reverse the recent increase in fuel prices. He needs to also address the lack of transparency surrounding fuel pricing and demonstrate a commitment to the welfare of citizens in line with section 14(2) of the constitution.
