Asefon: Petrol Price Rise Due to Geopolitical Tensions

Comrade Sunday Asefon, the Senior Special Assistant to the President on Students Engagement and National Director of Students Engagement for the City Boy Movement, stated that the recent increase in petrol prices to approximately N1,400 per liter is primarily due to geopolitical tensions in the Middle East, particularly involving the United States, Iran, and Israel. He argued that this situation has disrupted the global oil market and increased crude oil prices, rather than attributing the price hike solely to the Federal Government's 2023 decision to remove the petrol subsidy.

Asefon noted that the Dangote Refinery, with a production capacity of 650,000 barrels per day, has reduced Nigeria's reliance on imported petroleum products and provided stability amid the global energy crisis. He also mentioned the Presidential Compressed Natural Gas (CNG) initiative, which has attracted significant private investment and is expected to save Nigeria over ₦2 trillion monthly.

Asefon urged Nigerians to remain patient with the ongoing reforms, asserting that the current hardships are temporary.