House of Reps demands urgent reversal of fuel price hike to alleviate burden on Nigerians
The House of Representatives has called for an immediate reversal of the recent increase in fuel prices.
The resolution passed on Wednesday, follows mounting concerns over the rising costs of petrol and cooking gas, which lawmakers argue threaten the livelihoods of millions across the country.
The motion, spearheaded by Deputy Minority Leader Aliyu Madaki and supported by 111 other members, stressed the severe impact of these price hikes on ordinary citizens.
Last week, the Nigerian National Petroleum Corporation (NNPC) raised petrol prices dramatically from N897 to N1,030 in Abuja and similar increases in major cities like Lagos and Port Harcourt, prompting widespread discontent.
Madaki, in his remarks during the plenary session, noted the unsustainable burden that the increases place on families, increasing living costs and driving inflation higher.
He pointed out that the combination of fuel subsidy removal, global oil price volatility, and the depreciation of the naira as key contributors to this crisis.
The lawmaker stated that such inflationary pressures not only harm individual households but also jeopardize small and medium-sized enterprises (SMEs) struggling to keep up with operational costs.
In addition to reversing the price hikes, the House urged state governments to adopt supportive policies, including tax exemptions on transportation and essential goods that have been affected by the soaring fuel prices.
Lawmakers expressed concerns that without swift and decisive action, the economic situation could deteriorate further, leading to increased crime rates and public unrest.
The House of Representatives also called on the NNPC and the Ministry of Petroleum Resources to prioritize the repair of domestic refineries, aiming to boost local refining capacity and reduce reliance on imported fuels.
According to the lawmakers, the move is a crucial step to stabilize petrol and cooking gas prices.
To ensure compliance with the new directives, the House mandated its Committees on Petroleum Downstream and Legislative Compliance to monitor the situation and report back within two weeks.
Meanwhile, in line with the directive of the Federal Executive Council, the Implementation Committee on the Sales of Crude Oil and Refined Products in Naira, led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, held its second review meeting on October 10, 2024.
The meeting focused on evaluating the transition to a deregulated market structure for Premium Motor Spirit and the new purchasing model for petroleum product marketers.
The transition is anticipated to enhance efficiency in product availability and stabilize market conditions for the benefit of all Nigerians.
