The House of Representatives has called for an immediate reversal of the recent hike in the prices of petrol and cooking gas, citing the hardship it is causing for Nigerians.
This action follows a motion moved by Deputy Minority Leader, Aliyu Madaki, and backed by 111 members of the House.
The lawmakers expressed concern that the increase in fuel prices is worsening inflation and threatening job security across the country. They urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to boost local refining capacity.
The House called on the Central Bank of Nigeria (CBN) to implement monetary policies aimed at mitigating the inflationary effects of the fuel price hike.
This comes as the World Bank, in its October report “Africa’s Pulse,” warned that a further rise in fuel prices could reverse the gradual decline in inflation seen after the removal of petrol subsidies.
The report noted that the 40-45% price increase in September might disrupt Nigeria’s recent disinflationary progress.
The fuel subsidy was officially removed in May 2023, under President Bola Tinubu’s administration, pushing petrol prices from N175 to over N1000 per litre. Additionally, the price of 1 kg of cooking gas has surged to N1500.