A presidential aspirant on the platform of the National Rescue Movement, Faduri Oluwadare Joseph, has urged the federal government to restore fuel subsidy to cushion the impact of rising petroleum prices on Nigerians.
Joseph made the call on Tuesday while reacting to the surge in global oil prices linked to the ongoing tensions involving Israel, Iran and the United States, which he said was worsening economic hardship for ordinary citizens.
His call came on the heels of the hike in the price of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) in parts of the country following an increase in ex-depot prices.
Industry checks showed that as at Monday evening, petrol sold for as high as N1,400 per litre while diesel rose to about N1,750 per litre at some filling stations.
The increase followed a fresh adjustment in gantry prices by the Dangote Refinery, which raised the price of petrol to N1,175 per litre and diesel to N1,620 per litre.
Checks across some filling stations in Abuja, including outlets operated by Ranoil and Empire, showed that pump prices had quickly risen to between N1,350 and N1,400 per litre for petrol, with diesel also recording similar increases.
The development comes amid rising volatility in global oil markets, as escalating tensions in the Middle East raise fears of supply disruptions and push up crude oil prices internationally.
Reacting to the situation, Joseph said Nigeria would have been insulated from the shocks if successive governments had ensured that the country’s refineries were functional.
“If we had responsible leadership that fixed our refineries years ago, the current crisis in the Middle East would have been an opportunity for Nigeria rather than a burden. Instead of refining our crude locally and benefiting from rising global oil prices, we are forced to export crude and import refined products at higher costs, which ultimately makes Nigerians suffer,” he said.
He also faulted the removal of fuel subsidy in 2023, insisting that the policy had deepened economic hardship without clear accountability on how the savings were utilised.
Joseph stressed that beyond temporary relief measures, Nigeria must prioritise fixing its refineries and strengthening domestic production to reduce vulnerability to global energy shocks.
He said, “The removal of fuel subsidy has brought untold hardship on ordinary citizens, yet Nigerians cannot clearly see the benefits of the money supposedly saved from the policy. What the country needs now is the full restoration of fuel subsidy so that citizens can breathe again.”
SOURCE: Blueprint