The National Parent Teacher Association of Nigeria (NAPTAN) has implored President Bola Tinubu to step in and take decisive measures to prevent the further escalation of petrol prices, which is becoming an increasingly burdensome concern.
Adeolu Ogunbanjo, the National Deputy President of NAPTAN, conveyed this appeal in response to an emergency gathering of the association held on Monday in Lagos. Ogunbanjo shared these sentiments with the News Agency of Nigeria (NAN). Recalling Tinubu’s national address in July, where he highlighted the government’s vigilance concerning the impact of exchange rates and inflation on gasoline costs, Ogunbanjo’s plea aligns with this context.
Amid concerns of an impending price hike due to the depreciation of the naira against the dollar, oil marketers have projected the likelihood of rising fuel prices. As long as the dollar maintains an ascent against the naira within the foreign exchange market, the trajectory of fuel costs within the nation is expected to be on an upward trajectory.
In response, Ogunbanjo has appealed to the president to establish a concessionary rate for the dollar pertaining to petroleum importers. This action, he believes, will foster an environment that keeps the current fuel prices stable within the country.”
While we concur with the elimination of petroleum subsidies, we urge alignment with this policy. However, the simultaneous unification of the naira is causing significant hardship, as each time the dollar appreciates, so does the cost of fuel imports,” Ogunbanjo stated.”
In light of these developments, we are earnestly pleading for our esteemed president’s intervention. We beseech him to consider instituting a concessional rate for fuel importers,” he continued.
Approximately 60% of these importers are parents, and with September’s approach, when school fees are due, Nigerian parents are voicing their concerns. Ogunbanjo conveyed the sentiments of these parents, expressing their plea for President Tinubu to hear their voices.” Mr. President should make every effort to stabilize fuel prices, ensuring that the prevailing pump prices do not exceed the current rates. Any other outcome will exacerbate the existing hardships,” he concluded.