The increase in the price of petrol in Nigeria has triggered a wave of opposition from a wide variety of stakeholders, all united in their call for an immediate return to the previous regime. The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), the Peoples Democratic Party (PDP), former Vice President Abubakar Atiku, civil society organizations, and many others have all expressed their disagreement with the decision of the Nigerian National Petroleum Corporation Limited (NNPCL) to increase the price of petrol.
This opposition has intensified with demands from several groups, including the Nigeria Employers Consultative Association (NECA), the Nigeria Labour Congress (NLC), the Baptist Conference, and the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), all demanding an immediate return to the previous situation.
Femi Falana, Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB), stressed that the decision by NNPCL to fix petrol prices is unconstitutional, null and void, and contravenes Section 205 of the Petroleum Industry Act.
On his part, NACCIMA Chairman, Dele Oye, warned that the increase would have dire repercussions on businesses and households in Nigeria. He explained that the increase would lead to higher transportation costs, which would increase transportation costs, worsen the already high inflation rate in the country, and further strain the meager resources of Micro, Small and Medium Enterprises (MSMEs) that rely heavily on petrol generators to power their operations.
Furthermore, the Peoples Democratic Party (PDP) has called for an immediate reversal of the government’s anti-people policies, while Abubakar Atiku has criticized President Tinubu for his insensitivity to the plight of Nigerians, attributing the current economic crisis to his administration’s handling of petrol subsidy.
It is clear that the increase in the price of petrol raises serious concerns about its impact on businesses, households and the economy as a whole. It is imperative that the government takes appropriate measures to mitigate these negative effects and ensure the country’s economic stability.