The House of Representatives has responded to the recent surge in petroleum product prices, calling for an immediate reversal of the increased costs of petrol and cooking gas.
The House decision on a reduction of petrol and cooking gas prices was upon a motion moved by Deputy Minority Leader Aliyu Madaki and supported by 111 other members of the House.
In their resolution, the lawmakers voiced their concern that the rising prices are placing severe hardship on Nigerians and threatening job security in many sectors. As a result, the House urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to focus on boosting local refining capacities, which could help ease the pressure on fuel prices.
Furthermore, the House called on the Central Bank of Nigeria (CBN) to implement financial policies to counter the inflationary effects of the fuel price hikes. This intervention by lawmakers comes in the midst of growing public dissatisfaction and economic challenges caused by the rising fuel costs.
Adding to the concern, the World Bank has warned that any further increases in petrol prices could worsen the fragile economic situation in Nigeria. In its October report titled ‘Africa’s Pulse’, the bank noted, “While the inflationary effects of a weakened naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 per cent in September may reverse the disinflationary trend.”
In May 2023, President Bola Tinubu officially ended fuel subsidies, which caused the price of petrol to rise from N175 per litre to over N1,000 per litre nationwide. A recent market survey also revealed that the price of 1 kg of cooking gas has reached N1,500.
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