Nigeria Should Exit OPEC to Mitigate Fuel Price Hikes – Lawmaker

George Ibezimako Ozodinobi, a member of the House of Representatives from the Labour Party, urged the Nigerian government to withdraw from the Organisation of Petroleum Exporting Countries (OPEC) in response to soaring petrol prices.

His call came while supporting a motion introduced by House Minority Leader Kingley Chinda of the Peoples Democratic Party (PDP), which demanded a reversal of the recent increases in prices of Premium Motor Spirit (petrol) and liquefied petroleum gas (LPG).

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Ozodinobi argued that the current economic climate necessitates a reevaluation of Nigeria’s relationship with OPEC, stating, “We need to review our OPEC policy.

We mustn’t be in OPEC because the only thing that will solve this problem of petroleum increase is to use what we have to solve our problem.”

He emphasized the urgent need for the government to provide fuel to the Dangote Refinery at a preferential exchange rate to alleviate the pressure on ordinary Nigerians.

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Highlighting the financial strain on citizens, Ozodinobi noted that the recently approved national minimum wage of N70,000 has become insufficient due to escalating prices.

He lamented, “Somebody who is earning N70,000 per month, his N70,000 cannot last him for three days in this country.” He shared his personal experience, explaining that the transportation cost for his driver had skyrocketed from N3,000 to N6,000 daily due to the fuel price hikes.

Lawmakers pointed out that the dependence on petroleum products as primary energy sources has made the current economic situation increasingly untenable for many Nigerians.