CSO Urges Nigerian Government to Address Oil Price Hike

During a press conference in Abuja on Wednesday, a Civil Society Organization (CSO) led by Danesi Momoh, along with Princ Igw, Ud Umanta, Olamid Odumosu, Olayinka Dada, and Daniel Omaga, appealed to the Nigerian Federal Government for intervention amid rising global oil prices. The CSO highlighted that the ongoing conflict involving Iran and Israel has disrupted oil supply, leading to a spike in local petroleum product prices, which have risen to alarming levels, affecting low-income earners.

They noted that the average price of petroleum products has surged from N830 to N1700, triggering inflation and increasing transportation costs. The CSO emphasized the need for the Federal Government and the Nigerian National Petroleum Corporation Limited (NNPCL) to prioritize increasing crude supply to local refineries and to consider direct subsidies to reduce pump prices.

They warned that failure to act could lead to a national crisis, with prices potentially reaching N2,000 if the situation does not improve.