The Minority Caucus of the House of Representatives has vehemently rejected the recent fuel price increase by the Nigerian National Petroleum Company Limited, NNPCL, warning the Federal Government to urgently reverse the increase.

Condemning the price hike, the caucus said the development was not only ill-timed but also grossly insensitive to the harsh economic conditions being experienced by Nigerians across the country.

A statement signed by the Minority Leader of the House of Representatives, Kingsley Chinda, early Thursday, warned the fuel price hike will ultimately erode the already fragile purchasing power of millions of citizens, pushing more families into poverty.

He noted that the decision came at a time when the nation was grappling with unprecedented economic challenges, including rising inflation, unemployment, and the depreciating value of the Naira, warning that any further increase in the price of petrol would only exacerbate the suffering of the average Nigerian.

The Minority leader said the caucus was deeply concerned that the decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders, including the National Assembly, which represents the interests of the people.

The caucus also urged the federal government to explore and implement more sustainable measures to stabilize the economy without placing an additional burden on the people.

The ripple effects of such an increase are far-reaching, impacting the cost of transportation, food, and other essential goods and services.

”This unilateral action disregards the principles of transparency, accountability and fairness, which should guide decisions affecting the lives of the citizenry.

”The current dire economic conditions, characterized by rising unemployment, soaring inflation, and widening inequality, have placed immense pressure on the livelihoods of citizens. These hardships have understandably triggered widespread protests, as people demand relief and accountability from those in power.

The resulting unrest and chaos serve as stark reminders that economic instability can quickly escalate into broader social and political instability.

”While it is crucial for all stakeholders, including government, businesses, and civil society, to work collaboratively to address these economic challenges and restore stability before the situation deteriorates further, Tinubu’s government should as a matter of urgency address the connection between dire economic conditions and social unrest rather than create conditions that exacerbate the already dire economic conditions.

”Not doing so merely provides excuses for the army of youths who are jobless to return to occupy the streets and unleash violence on our country.

This government must learn lessons from the destructive effects of the national protests against bad governance, triggered by depressing and excruciating economic conditions.

”We, therefore, call on the Federal Government to urgently intervene and reverse this unwarranted increase in petrol prices. We also urge the government to explore and implement more sustainable measures to stabilize the economy without placing an additional burden on the people.

“This includes prioritizing the rehabilitation and upgrading of our local refineries, curbing corruption within the petroleum sector, and ensuring that subsidies genuinely benefit the masses rather than a few privileged individuals.

The Minority Caucus stands with the Nigerian people in rejecting this petrol price hike and will continue to advocate for policies that prioritize the welfare and well-being of all citizens.

“We urge the government to listen to the voice of the people and take immediate steps to alleviate their suffering, rather than aggravate it,” he stated.