CSO Urges Government Action on Rising Oil Prices

The Civil Society Organization (CSO) PANEP, represented by Comrade Danesi Momoh and other officials, held a press conference in Abuja on Wednesday, urging the Federal Government to intervene amid rising global oil prices. The increase is attributed to geopolitical tensions, particularly the conflict involving Iran and Israel, which has disrupted oil supply chains.

PANEP highlighted that local petroleum product prices have escalated significantly, with prices reaching between N1,200 and N1,700, causing inflation and hardship for low-income earners in Nigeria. They called for the Federal Government and the Nigerian National Petroleum Corporation Limited (NNPCL) to prioritize increasing local crude supply and to consider direct subsidies to reduce pump prices.

The organization stressed that the Dangote Refinery, while capable of ensuring petroleum product security, cannot guarantee lower prices without adequate crude supply. They warned that if the situation continues, prices could reach N2,000, leading to a national crisis.

PANEP urged immediate action to alleviate the suffering of Nigerians.