Politics

NRM Presidential Aspirant, Faduri Joseph(Fadojoe) Calls for Return of Fuel Subsidy as Petrol Prices Rise

Published by admin on March 10th, 2026.

NRM Presidential Aspirant, Faduri Joseph(Fadojoe) Calls for Return of Fuel Subsidy as Petrol Prices Rise

Faduri Joseph

A presidential hopeful under the platform of the National Rescue Movement, Faduri Oluwadare Joseph, has urged the Federal Government to reconsider and restore the fuel subsidy in order to ease the growing financial pressure on Nigerians caused by increasing fuel prices.

Joseph made the appeal on Tuesday while commenting on the recent surge in global oil prices, which he linked to rising tensions involving Israel, Iran, and the United States. According to him, the international crisis is further worsening economic difficulties for many Nigerians.

His remarks followed sharp increases in the prices of petroleum products across parts of the country. Market observations revealed that the price of Premium Motor Spirit (petrol) climbed to as much as ₦1,400 per litre in some areas, while Automotive Gas Oil (diesel) rose to about ₦1,750 per litre at certain filling stations.

The price adjustments were reportedly triggered by a new review of gantry prices by the Dangote Refinery, which increased the ex-depot price of petrol to ₦1,175 per litre and diesel to ₦1,620 per litre.

At several fuel stations in Abuja, including outlets operated by Ranoil and Empire Energy, pump prices for petrol were observed to range between ₦1,350 and ₦1,400 per litre, while diesel prices also increased significantly.

The rising cost of fuel is coming at a time when the global oil market is experiencing heightened uncertainty due to escalating tensions in the Middle East, raising concerns about potential disruptions to crude supply and pushing international oil prices upward.

Reacting to the development, Joseph said Nigeria would have been better positioned to benefit from the global situation if its domestic refineries had been properly maintained and operational.

He argued that effective leadership in the past could have ensured that the country refined its crude oil locally instead of exporting crude and importing refined products at higher costs.

“If our refineries were functioning as they should, the current crisis in the Middle East could have worked to Nigeria’s advantage. Instead, we are exporting crude oil and importing refined products at higher prices, which ultimately places the burden on Nigerians,” he said.

Joseph also criticised the 2023 removal of the fuel subsidy, stating that the decision has intensified economic hardship for citizens without clear transparency on how the savings from the policy are being used.

According to him, the government should not only consider restoring the subsidy to provide immediate relief but also prioritise fixing the nation’s refineries to strengthen domestic refining capacity.

He further stressed that stronger regulatory measures are needed to control the rising cost of essential goods, warning that the absence of effective price regulation has contributed to worsening inflation.

As part of long-term economic reforms, Joseph advocated for increased investment in local production and manufacturing in order to reduce the country’s dependence on imported goods.

He added that tackling corruption in the management of public resources and placing competent professionals in key government positions would help improve policy execution and protect the economy from global energy market shocks.