Reps Demand Immediate Petrol, Cooking Gas Price Hike Reversal

The House of Representatives has taken action in response to the recent increase in the pump price of petroleum products, demanding an immediate reversal of the hikes in petrol and cooking gas prices.

This move was initiated by Deputy Minority Leader, Aliyu Madaki and supported by 111 other members of the House.

In their resolution, lawmakers expressed concern that the rising prices are inflicting hardship on Nigerians and jeopardizing job security across various sectors.

The urgency of the situation prompted the Green Chamber to call upon the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to enhance local refining capacity to alleviate some of the pressures on fuel prices.

Additionally, the House urged the Central Bank of Nigeria (CBN) to implement monetary policies aimed at mitigating the adverse effects of the fuel price increase on inflation.

The lawmakers’ intervention comes amid growing public dissatisfaction and economic strain resulting from the latest price hikes.

Compounding the issue, the World Bank has issued a stark warning that any further increases in petrol prices could undermine the already declining impacts of subsidy removal in Nigeria.

This caution is detailed in the October edition of the bank’s Africa’s Pulse report, which highlights the fragile economic landscape in the country.

The report said, “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.”

President Bola Tinubu as of May 2023, officially pronounced an end to petrol subsidies in Nigeria, jerking PMS prices from N175 per litre to over N1000 across the country.

A recent market survey also puts the price of 1 kg cooking gas at N1500.