The African Democratic Congress (ADC) has asked the federal government to introduce a temporary cap on petrol prices to prevent further increases in the cost of living.
The party said the measure would help protect Nigerians from the effects of rising fuel prices.
In the wake of the ongoing US-Israel war with Iran, fuel prices rose from below ₦800 to about ₦ 1400.
However, Dangote Petroleum has lowered its gantry price from ₦1,175 to ₦1,075 per litre—a reduction of ₦100.
The coastal price has also been adjusted downward from ₦1,150 to ₦1,028 per litre, representing a ₦122 decrease.
Diesel prices have similarly been reduced from ₦1,620 to ₦1,430 per litre, amounting to a ₦190 cut.
In a statement issued on Wednesday, Bolaji Abdullahi, the national publicity secretary of the party, said the government must act quickly to stabilise petrol prices.
He said continuous increases in petrol prices have pushed the cost of living beyond the reach of millions of Nigerians.
Party Blames Global Market Volatility
According to the ADC, recent increases in petrol prices reflect growing volatility in global oil markets.
The party said the crisis in the Middle East has contributed to the instability in international energy prices.
However, Abdullahi said external shocks cannot justify allowing petrol prices to rise unchecked in Nigeria.
He noted that the country’s economy is already fragile and still struggling with the consequences of the federal government’s removal of the fuel subsidy.
“The federal government must 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,” he said.
‘Nigerians Already Struggling’
The ADC said the Tinubu administration must take steps to cushion the impact of rising fuel prices on citizens.
According to the party, Nigerians are already grappling with inflation, rising food prices, and declining purchasing power.
Abdullahi said allowing petrol prices to rise without restraint would worsen the hardship faced by households and businesses.
He added that a temporary price cap would help stabilise the economy while protecting vulnerable Nigerians from further economic pressure.
