The Peoples Democratic Party (PDP) has voiced strong opposition to the recent increase in petrol prices across the country. In a statement issued on Thursday by its National Publicity Secretary, Debo Ologunagba, the party criticized the hike as inconsiderate, particularly given the current economic climate.
Ologunagba urged President Bola Tinubu to take swift action to alleviate the socio-economic difficulties faced by Nigerians by reversing the fuel price increase. He highlighted that the rising costs would exacerbate the already severe economic hardships many citizens are enduring.
The PDP spokesperson condemned the lack of transparency in the management of the petroleum sector and the continuous rise in fuel prices, which he argued disregards the welfare of the populace. He described the government's actions as detrimental to the people, noting that millions are struggling to afford basic necessities such as food, medication, and familial support due to escalating living costs.
Furthermore, Ologunagba pointed out that a significant portion of the population now lives below the poverty line, with many businesses failing daily amid a depreciating Naira, which currently trades at over N1,600 to a dollar, alongside an inflation rate exceeding 34 percent. He warned that these troubling statistics are likely to worsen with the latest fuel price increase.
The PDP reiterated that, with effective and transparent resource management and enhanced national refining capabilities, petrol prices in Nigeria should not exceed N250 per liter.