Reps ask FG to reverse petrol pump price hike, cooking gas price

The House of Representatives has asked the Federal Government to reverse the recent petrol price hike and take immediate steps to stabilise petrol and cooking gas prices through targeted interventions, such as temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.

 It also called on the Nigerian National Petroleum Corporation Limited, NNPCL, Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce dependence on imported refined petroleum products. 

 The lawmakers further urged the Central Bank of Nigeria, CBN, to implement monetary policies that would mitigate the adverse effects of fuel price hikes on inflation, particularly with regards to essential goods and services. 

 These resolutions were sequel to the adoption of a motion of urgent public importance moved by the House Minority Leader, Kingsley Chinda and 111 other lawmakers. Debating the motion, the Deputy Minority Leader, Aliyu Madaki, said Nigeria, as an oil-producing nation, has historically relied on petroleum products and cooking gas, LPG, as essential sources of energy for both domestic and industrial purposes.

 He expressed concern that in recent months, the prices of petrol and cooking gas have skyrocketed and continued to so do, creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living. 

 He said: “The House is worried that escalating fuel and gas prices are impacting the cost of transportation, food, essential goods and healthcare, further increasing inflation and pushing many families into deeper financial hardship. 

 “Further concerned that businesses, particularly small and medium-sized enterprises, SMEs, are struggling to manage their operational costs due to increased fuel prices, thus threatening economic stability and job security. 

 “Acknowledging that the federal government has previously announced plans to repair domestic refineries and boost local 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. 

 “Unless urgent and pragmatic steps are taken to control the rising cost of petrol and cooking gas, the nation will go into economic crisis, leading to negative outcomes, such as increased crime rate and mortality rate.’’ 

The House unanimously adopted the motion, urging the federal government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas, as well as promote renewable energy solutions sustainable and affordable in the long term. 

 The lawmakers also encouraged state governments to adopt policies that alleviate the financial burden on their citizens, such as waiving taxes or levies on transportation and goods affected by high fuel costs. 

 The House further mandated its special adhoc committee investigating fuels price increase to investigate and report back within two weeks for further legislative action.