The House of Representatives has called for the immediate reversal of the recent increase in petrol and cooking gas prices, expressing concern over the hardship it is causing Nigerians.
The motion, led by Deputy Minority Leader Aliyu Madaki and supported by 111 lawmakers, was discussed on Tuesday.
The lawmakers stressed that the price hike is worsening the living conditions of many Nigerians and threatening job security.
They urged the Nigerian National Petroleum Company Limited and the Ministry of Petroleum Resources to take urgent steps to boost local refining capacity, which could help reduce fuel costs.
The House also called on the Central Bank of Nigeria to adopt policies that would lessen the impact of rising fuel prices on inflation.
Meanwhile, the World Bank has warned that further increases in fuel prices could reverse the limited benefits of subsidy removal.
In its October report, “Africa’s Pulse,” the World 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.”
Since President Bola Tinubu ended petrol subsidies in May 2023, fuel prices have surged from N175 per litre to over N1,000. Additionally, the cost of cooking gas has spiked, with 1kg now selling for around N1,500, further burdening Nigerians.
