Adio Calls for Temporary Subsidy on Petrol and Diesel Prices

ADC chieftain and House of Assembly hopeful, Ayodele Adio has called on the Federal Government to introduce a temporary subsidy or price cap on petrol and diesel to shield Nigerians and businesses from the economic shocks caused by rising global oil prices.

Adio made the call in a written statement, warning that escalating tensions in the Middle East could trigger further increases in international oil prices with severe consequences for Nigeria’s already fragile economy.

According to him, Nigeria is particularly vulnerable to global fuel price shocks because petrol and diesel play a central role in transportation, power generation, and business operations across the country.

“Petrol powers the transportation system that moves people and goods across the country, while diesel remains the backbone of electricity supply for businesses, hospitals, telecom towers, and manufacturers because of unreliable grid power,” Adio said.

He warned that any sharp increase in fuel prices would quickly translate into higher transport fares, rising food prices, and increased operating costs for businesses.

Adio noted that many small and medium-sized enterprises depend heavily on diesel generators to stay operational, adding that further increases in diesel prices could force many businesses to scale down operations or shut down entirely.

He therefore urged the Federal Government to adopt a temporary stabilization measure, including targeted subsidies or price caps, until global oil markets return to normal.

“This is not about reversing long-term reforms in Nigeria’s energy sector,” he said. “It is about protecting citizens and businesses during an extraordinary global shock.”

Adio stressed that the measure should be temporary and clearly structured, remaining in place only until international energy markets stabilize and geopolitical tensions in the Middle East ease.

He added that without urgent intervention, rising fuel prices could worsen inflation, weaken purchasing power, and deepen the economic difficulties already facing many Nigerian households and businesses.

According to him, a temporary subsidy or price cap would provide critical relief and help sustain economic activity during a period of global uncertainty.