The House of Representatives has taken swift action regarding the recent surge in fuel prices, calling for an immediate reversal of the increase in the pump prices of petrol and cooking gas.
This demand was made in a motion initiated by Deputy Minority Leader Aliyu Madaki and co-sponsored by 111 other members of the House. The lawmakers expressed deep concern over the hardships the price hike has imposed on Nigerians, highlighting that it threatens job security and worsens economic conditions across the country.
In response, the House urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to prioritize boosting local refining capacity to reduce reliance on imported fuel. Additionally, they called on the Central Bank of Nigeria (CBN) to introduce monetary policies aimed at cushioning the inflationary effects of the fuel price surge.
The intervention from the House comes on the heels of a warning from the World Bank, which noted that further increases in fuel prices could worsen Nigeria’s economic struggles. The October edition of its Africa’s Pulse report warned that the recent 40-45% hike in gasoline prices in September could reverse the modest disinflationary progress seen after the initial shocks from the weakened naira and the removal of the petrol subsidy earlier this year.
It should be recalled that in May 2023, President Bola Tinubu officially ended the petrol subsidy, causing the price of Premium Motor Spirit (PMS) to jump from ₦175 per litre to over ₦1,000 in some parts of the country.
