CSO urges FG to mitigate impact of rising global oil prices

A civil society organisation, Partners for National Economic Progress (PANEP), has called on the Federal Government to take measures aimed at cushioning the effects of rising global oil prices on Nigerians.

The group made the appeal during a press conference in Abuja on Wednesday, where its conveners raised concerns about developments in the global oil market and the potential impact on domestic fuel prices.

Speaking at the briefing, PANEP representatives — Comrades Danesi Momoh Princ, Igwe Ude-Umanta, Olamide Odumosu, Olayinka Olayinka and Daniel Omaga Dada — said global developments in the oil market could have implications for petroleum product prices and the cost of living in Nigeria.

The group noted that fluctuations in international crude oil prices often influence domestic fuel prices and may contribute to increases in transportation costs and the prices of goods and services.

According to PANEP, the Federal Government could consider measures that support local refining capacity in order to help stabilise fuel supply and pricing.

The organisation suggested that authorities could prioritise crude supply to domestic refineries as part of broader strategies aimed at strengthening Nigeria’s energy security and reducing the impact of global market volatility.

PANEP also highlighted the role of local refining facilities, including the Dangote Refinery and Petrochemicals, in supporting domestic fuel availability.

The group said improving access to crude oil for local refineries could help sustain production and contribute to a more stable supply of petroleum products within the country.

While acknowledging that fuel pricing is influenced by multiple factors, the organisation emphasised the need for policies that help manage the economic pressures faced by households.

PANEP called on the Federal Government and relevant agencies, including the Nigerian National Petroleum Company Limited (NNPCL), to continue engaging stakeholders in the oil and gas sector to ensure stable supply and to explore measures that could ease the burden on consumers.

The organisation added that it would continue to engage stakeholders and advocate policies aimed at promoting economic stability and protecting the welfare of Nigerians.

Culled from vanguard