Falana and ASCAB Urge Nigeria to Cut Petrol Prices Amid Global Oil Crisis

Human rights lawyer Femi Falana and the Alliance on Surviving Covid-19 and Beyond (ASCAB) have urged Nigeria’s federal government to urgently cut petrol prices. They argue that Nigerians should not bear high energy costs, especially as the country is a major crude oil producer. ASCAB highlighted that global crude prices have surpassed $100 per barrel due to disruptions in the Strait of Hormuz, driven by the ongoing U.S.-Iran conflict, which could severely impact the global economy.

The group cited a presentation by U.S.-based petroleum expert Prof. Izielen Agbon, who questioned Nigeria’s fuel pricing system. Agbon noted that Nigerians pay more for Premium Motor Spirit (PMS) than consumers in Texas, suggesting flaws in the country’s subsidy regime and production methods. ASCAB also pointed out that G7 nations are releasing 100 million barrels of oil from emergency reserves to stabilize prices, while other countries are implementing measures to cushion rising energy costs.

ASCAB accused the Nigerian National Petroleum Company (NNPC) of making fraudulent claims in December 2024 that crude oil processing had resumed at the Port Harcourt and Warri refineries. Despite acknowledging efforts to revive these refineries, the group urged the government to reduce petrol prices immediately. They proposed redirecting 450,000 barrels per day of Nigeria’s equity crude to domestic refining, which would lower prices and reduce exposure to international fuel price shocks.