Reps demand reversal of fuel price hike

The House of Representatives on Wednesday urged the Federal Government to reverse the recently increased prices of premium motor spirit (PMS) otherwise known as petrol and cooking gas in the country.

This followed the adoption of a motion moved by the House Minority Leader, Kingsley Chinda, at the plenary in Abuja.

Chinda had in his presentation stressed the need for price relief, tax reductions, or subsidies on cooking gas, also called liquefied petroleum gas (LPG) for low-income households.

He noted that Nigeria as an oil-producing nation had historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.

According to him, the removal of fuel subsidies coupled with global oil price volatility and the depreciation of the naira had contributed significantly to the rising cost of petrol and cooking gas for households.

He said: “Nigerians are worried that the escalating fuel and gas prices are impacting on the transportation, food, essential goods and healthcare as well as increasing inflation.

“Further push on the prices of these two items had exposed many families to deeper financial hardship.

“Businesses, particularly small and medium enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.

READ ALSO: World Bank warns latest fuel price hike may worsen inflation in Nigeria

“The Federal Government has the refining capacity to address some of these issues but has yet to deliver significant results in this regard.

“The rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects.”

The House in its resolution asked the Nigerian National Petroleum Corporation Limited (NNPCL), the Ministry of Petroleum Resources, and other relevant agencies to expedite the repair/maintenance of domestic refineries.

The green chambers also urged the Central Bank of Nigeria (CBN) to implement monetary policies that would mitigate the adverse effects of petrol price increase on inflation, particularly with regard to essential goods and services.

The House urged the federal government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas by promoting renewable energy solutions that were more sustainable and affordable.

In his ruling, the Speaker of the House, Tajudeen Abbas, mandated the Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and report back to the House within two weeks for further legislative actions.

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