Kehinde Fajobi
The House of Representatives has stepped in to address the recent increase in the prices of petrol and cooking gas, calling for an immediate reversal to alleviate the hardship on Nigerians.
The motion, introduced by Deputy Minority Leader Aliyu Madaki and co-sponsored by 111 members, reflects concerns over the impact of the hike on job security and the general wellbeing of citizens.
Lawmakers urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to boost local refining capacity and called on the Central Bank of Nigeria (CBN) to implement monetary policies that would help mitigate the inflationary effects of the rising fuel prices.
This comes as the World Bank, in its October edition of the Africa’s Pulse report, warned that a further increase in petrol prices could reverse any progress made since the removal of subsidies.
“While the inflationary effects of a weakened naira and the removal of the gasoline subsidy appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 per cent in September may reverse the disinflationary trend,” the report stated.
Upon assuming office in May 2023, President Bola Tinubu officially ended petrol subsidies, pushing the price of Premium Motor Spirit (PMS) from N175 per litre to over N1,000 nationwide.
Additionally, the price of 1 kg of cooking gas has surged to N1,500, further straining the financial situation of Nigerian households.