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BUSINESS

Socio-Cultural groups demand reversal of petrol price hike, warn of consequences

September 9, 2024 • 2 min read

September 09, 2024

By Samuel Ogunsona

Leading socio-cultural organizations in Nigeria, including Ohanaeze Ndigbo, Afenifere, and Arewa Youths, have strongly condemned the recent increase in petrol price and warned the government of severe consequences if the decision is not reversed.

The groups, in separate interviews with DAILY POST, emphasized that the government must revert to the old pump price to avoid grave repercussions on both the government and the populace.

The sudden increase in petrol price, which rose from around N600 to over N855 per litre, has further exacerbated the country’s economic woes. In some states, the product is being sold as high as N1,400, leading to a surge in prices of goods and services.

The development has left many civil servants stranded, with transportation fares skyrocketing by at least 50% in major cities like Abuja and Lagos. The situation has also worsened the country’s inflation rate, which is already at an all-time high.

The socio-cultural groups warned that failure to reverse the fuel price hike would have severe consequences, including worsening economic hardship, increased inflation and potential social unrest

They urged the government to take immediate action to address the situation and alleviate the suffering of Nigerians.

The Nigerian National Petroleum Company Limited (NNPCL) has blamed the petrol hike on market forces, but the socio-cultural groups have rejected this explanation, arguing that the government has a responsibility to protect citizens from exploitation.

The groups have called on the Government to take concrete steps to address the situation, including reversing the fuel price hike and finding sustainable solutions to the country’s economic challenges.