Parents’ Association Appeals to Bola Tinubu to Prevent Further Fuel Price Hike

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By Daniel Edu

The National Parent Teacher Association of Nigeria (NAPTAN) has implored President Bola Tinubu to intervene and take necessary actions to prevent a significant increase in petrol prices.

Mr. Adeolu Ogunbanjo, NAPTAN’s National Deputy President, conveyed the association’s appeal following an emergency meeting in Lagos. The move is in response to concerns about the potential escalation of petrol prices, which could exacerbate economic hardships for Nigerian parents.

Tinubu had earlier addressed the nation in July, stating that the government was closely monitoring the impact of exchange rates and inflation on gasoline prices. He pledged to intervene if deemed necessary.

Oil marketers recently predicted an imminent rise in fuel prices due to the depreciation of the naira against the dollar. According to these marketers, as long as the dollar continues to strengthen against the naira in the foreign exchange market, fuel prices in Nigeria are likely to keep increasing.

To address this, Ogunbanjo urged the president to provide a concessionary exchange rate for petroleum importers. This action, he believes, could create a favorable environment that maintains the current fuel price in the country.

Ogunbanjo emphasized that while the removal of petroleum subsidies aligns with their understanding, the simultaneous unification of the naira’s exchange rate is contributing to the economic hardship. The call for a concession rate on the dollar to benefit fuel importers is driven by the need to alleviate the financial burden on parents, especially with the upcoming payment of school fees in September.

The association expressed their plea to Tinubu to stabilize fuel prices and maintain the current pump price to prevent additional hardships for Nigerian families.

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