…says it’s exploitative
The Minority Caucus of the House of Representatives wishes to express its deep reservations and growing concerns over the recent statement issued by NNPC Ltd regarding the fuel pricing arrangement between the corporation and Dangote Refineries.
This was contained in a statement signed by the caucus leader, Rep Kingsley Chinda stating that:
“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.
“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 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 explained that: “Any fuel pricing regime that disregards these factors appears to be designed to unfairly exploit Nigerians, especially at a time when the average citizen is already grappling with severe economic challenges.
“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.
“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.
“We call on the relevant regulatory bodies, the executive, and all concerned stakeholders to urgently review this pricing framework to ensure that Nigerians are not subjected to unjust and unsustainable fuel prices.
“The Caucus remains committed to safeguarding the welfare of the Nigerian people and will continue to engage all necessary actors to ensure fair pricing that reflects the true value of locally refined fuel.
