By Uzair Adam
The House of Representatives has called on the federal government to reverse the recent increase in the prices of petrol and cooking gas.
This demand was made during a plenary session on Wednesday after the lawmakers adopted a motion co-sponsored by Kingsley Chinda, the Minority Leader; Aliyu Madaki, the Deputy Minority Leader; and 109 other members.
The motion came in response to the Nigerian National Petroleum Company (NNPC) Limited’s decision to raise petrol prices across its retail outlets on October 9, 2024.
Aliyu Madaki, while presenting the motion, highlighted the financial strain that the surge in fuel prices has caused for ordinary Nigerians, noting that the prices of both petrol and cooking gas have “skyrocketed” in recent months.
Madaki explained that the removal of fuel subsidies, combined with global oil price volatility and the weakening naira, has worsened the situation, further burdening Nigerian households.
He pointed out that the rising fuel prices are significantly affecting the cost of transportation, food, essential goods, and healthcare, driving many families into deeper financial hardship.
He added that businesses, particularly small and medium-sized enterprises (SMEs), are struggling to cope with operational costs due to the increase in fuel prices, threatening economic stability and job security across the country.
Madaki expressed concerns that the federal government’s efforts to repair domestic refineries and boost local refining capacity have not yielded meaningful results.
During the debate, other lawmakers such as George Ozodinobi and Olumide Osoba echoed the concerns.
Ozodinobi noted that the petrol price hike has undermined the impact of the newly approved N70,000 minimum wage, while Osoba suggested referring the matter to a joint ad hoc committee of both the House and Senate.In the end, the motion was adopted by a voice vote led by Speaker Tajudeen Abbas.
The House urged the federal government to implement measures such as temporary price relief, tax reductions, or subsidies for cooking gas to alleviate the burden on low-income households.
It also called on the NNPCL and relevant agencies to expedite the repair of refineries and boost local refining capacity to reduce reliance on imported fuel.
Additionally, the lawmakers urged the Central Bank of Nigeria (CBN) to introduce monetary policies that would mitigate the inflationary impact of fuel price hikes on essential goods.