ADC Leader Calls for Short-Term Petrol, Diesel Stabilisation Measures as Prices Soar
A chieftain of the African Democratic Congress, Ayodele Adio, has called on the Federal Government to introduce temporary measures such as a price cap or stabilisation policy for petrol and diesel to reduce the impact of rising global oil prices on Nigerians and businesses.
Adio made the appeal in a statement on Monday, expressing concern that growing tensions in the Middle East could trigger another surge in international oil prices and further strain Nigeria’s fragile economy.
He explained that the country remains highly exposed to fluctuations in global fuel prices because petrol and diesel play a central role in daily economic activities across the nation.
Petrol, he noted, drives the country’s transportation network, enabling the movement of people and goods, while diesel serves as a major power source for businesses, hospitals, telecommunication facilities and manufacturing firms due to persistent challenges with the national electricity grid.
Adio warned that any sharp increase in fuel costs would likely translate into higher transport fares, increased food prices and rising operational expenses for many businesses.
He also pointed out that a large number of small and medium-scale enterprises depend heavily on diesel generators to sustain their operations. The further hikes in diesel prices could force some of these businesses to scale down activities or shut down entirely.
The ADC chieftain therefore urged the Federal Government to implement temporary stabilisation measures, including targeted subsidies or price controls, until the global oil market regains stability.
He clarified that the suggestion is not meant to reverse ongoing energy sector reforms but rather to protect citizens and businesses from the effects of an exceptional global economic shock.
Adio added that any such intervention should be limited in duration and carefully designed to remain in place only until geopolitical tensions ease and international energy markets stabilise.
He warned that failure to act promptly could worsen inflation, weaken purchasing power and deepen the economic difficulties already faced by many households and businesses across the country.
