By, Omowumi Hannah, Ibadan

The National Association of Oduduwa Students has called on the federal government to ensure the decline in global crude oil prices reflects in lower pump prices for Premium Motor Spirit across the country.

In a press statement signed by its National President, Comrade Olalere Benedict Adetunji, NAOS said it was “difficult to justify” why Nigerians were yet to benefit from falling international crude prices.

“The persistent high cost of fuel has continued to trigger increases in transportation fares, food prices, electricity generation costs, production expenses, and the overall cost of living,” the statement said.

The students’ body noted that the development has been placing unbearable pressure on students, workers, businesses, and vulnerable families, urging President Bola Tinubu’s administration to strengthen policies that prioritize domestic refining by supplying crude oil to local refineries at naira-denominated values where appropriate.

It argued that the policy would “reduce excessive dependence on foreign exchange fluctuations, lower production costs, enhance energy security, and contribute to more stable fuel prices.”

“Nigeria is a major crude oil-producing nation, and its citizens deserve to enjoy the economic benefits of that natural endowment.”

The association further called on the federal government to intensify support for local refining capacity, encourage greater investment in domestic petroleum infrastructure, and implement policies that ensure changes in global crude oil prices are reflected fairly in the domestic pricing of petroleum products.

It said such steps would promote industrial growth, create employment opportunities, reduce inflationary pressures, and improve the welfare of citizens.

“The hardship currently experienced by Nigerians requires practical and responsive economic measures. Fuel pricing should reflect prevailing economic realities while balancing sustainability, transparency, and long-term national interests.”, it noted.

The group concluded saying, “the time has come for policies that genuinely reduce the burden on Nigerians and strengthen confidence in the nation’s economic future.”