A member of African Democratic Congress (ADC) and House of Assembly hopeful, Mr Ayodele Adio, has urged the Federal Government to introduce a temporary subsidy or price cap on petrol and diesel to cushion the impact of rising global oil prices on Nigerians and businesses.

Adio, who made the call in a statement, warned that escalating tensions in the Middle East could push international oil prices higher, with severe consequences for Nigeria’s already fragile economy.

He noted that Nigeria remains highly vulnerable to global fuel price shocks because petrol and diesel play critical roles in transportation, electricity generation and business operations across the country.

According to him, petrol powers the transport system that moves people and goods nationwide, while diesel remains the backbone of electricity supply for many businesses, hospitals, telecom towers and manufacturers due to unreliable grid power.

“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 rely heavily on diesel generators to remain 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 temporary stabilisation measures, 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 such a measure should be temporary and clearly structured, remaining in place only until international energy markets stabilise 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.