ADC Urges Federal Government to Cap Petrol Prices Amid Global Market Volatility

The African Democratic Congress (ADC) has called on the Federal Government to implement an immediate, temporary cap on petrol prices to shield Nigerians from escalating costs that are worsening the nation’s cost-of-living crisis.

In a statement signed by ADC National Publicity Secretary Mallam Bolaji Abdullahi, the party acknowledged that volatility in global oil markets, partly due to the ongoing crisis in the Middle East, may be driving recent price hikes. However, it stressed that the government must intervene to protect citizens from the economic impact.

The ADC also criticized the Federal Government’s plan to distribute 100,000 Compressed Natural Gas (CNG) conversion kits, highlighting that Nigeria has over 11 million vehicles, and questioning the limited number of CNG refueling stations nationwide.

“The African Democratic Congress calls on the Federal Government to immediately introduce a temporary and time-bound cap on petrol prices to prevent further increases that continue to push the cost of living beyond the reach of millions of Nigerians,” the statement read.

The party further urged the government to implement targeted palliatives for low-income Nigerians who are most affected by rising fuel prices.

“External shocks cannot justify allowing fuel prices to spiral in an already fragile economy. Petrol determines the price of food, transportation, and survival. When petrol rises, everything else rises with it. The Federal Government must stabilize petrol prices and take responsibility for protecting citizens from extreme hardship,” the ADC said.

The statement concluded by calling for a comprehensive energy strategy that goes beyond temporary fixes, emphasizing that Nigeria, as an oil-producing country, should ensure affordable fuel for its citizens even amid global uncertainties.