WATCH THE VIDEO HERE File Photo: Loading of petrol of Dangote Refinery Published By: Michael Adesina The Minority Caucus of the House of Representatives has expressed strong concerns over the recent fuel pricing arrangement announced by NNPC Ltd in collaboration with Dangote Refinery. The caucus describes the pricing as exploitative and burdensome to Nigerians. In a statement signed by the caucus leader, Rep. Kingsley Chinda, the caucus highlighted that the new fuel prices set by NNPCL are alarmingly high, with rates reaching N950 per litre in some regions and an even steeper N1000 per litre in others. “The NNPCL 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,” Chinda stated. The Minority Caucus criticized this pricing regime, arguing that locally refined fuel should naturally be more affordable than imported fuel since it avoids additional costs such as landing charges, import duties, and other taxes. “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,” the statement continued. “The pricing of locally refined fuel should be significantly lower than imported fuel, as it lacks the incidental costs associated with landing charges, import duties, and other taxes.” The caucus emphasized that any pricing framework ignoring these factors seems to unfairly exploit Nigerians, especially given the current economic hardships faced by the average citizen. “It is important to remind all stakeholders, especially NNPC Ltd and Dangote Refineries, that the primary responsibility of both public and private enterprises in the energy sector is to serve the Nigerian people, not to profiteer at their expense,” Chinda stated. The caucus called on regulatory bodies, the executive, and all relevant stakeholders to urgently review this pricing model to ensure fair and sustainable fuel prices. “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 statement warned. The Minority Caucus reaffirmed its commitment to safeguarding the welfare of Nigerians and vowed to continue engaging with necessary actors to ensure a fair pricing structure that truly reflects the value of locally refined fuel.
Reps minority caucus tackles NNPC, Dangote over fuel price
