Economic Hardship: Reps Blow Hot, Demand Immediate Price Hike Reversal on Petrol, Cooking Gas
- The Nigerian House of Representatives has demanded an immediate reduction in the prices of petrol and cooking gas
- Led by Deputy Minority Leader Aliyu Madaki and 111 lawmakers, a motion was moved in the House on October 16
- Amonmg other things, the House also called on the Nigerian National Petroleum Company Limited (NNPCL) to boost local refining capacity
FCT, Abuja – The Nigerian House of Representatives has stepped in to address the skyrocketing prices of petrol and cooking gas.
This, they demanded for immediate cut down on cost of cooking gas and petrol to alleviate the growing economic hardship faced by Nigerians.
Reps demand urgent crash in prices of petrol, cooking gas
Photo credit: @ORderPaperSource: Twitter
TheTalk.NG reported that this intervention follows widespread public outcry over the sharp increase in fuel prices, which has led to inflationary pressures and increased living costs.
This is coming even as the World Bank in its October edition of the Africa’s Pulse report, cautioned that the recent 40-45% hike in petrol prices in September could reverse the disinflationary trend observed after the initial removal of fuel subsidies earlier this year.
Minority leader, 111 lawmakers move motion for price hike reversal
During a session on Wednesday, October 16, the Deputy Minority Leader Aliyu Madaki, along with 111 other lawmakers, moved a motion urging the federal government to immediately reverse the recent hike in the prices of petrol and cooking gas, Channels Television reported.
The lawmakers expressed deep concern over the toll the increase was taking on Nigerians, many of whom are grappling with financial hardship, Vanguard reported.
Madaki said during the session during the session said:
“The rise in the prices of essential commodities such as petrol and cooking gas is making life unbearable for ordinary Nigerians. We must act swiftly to ease this burden before the situation worsens.”
NNPCL, CBN urged to take immediate action
The House of reps further called on the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to increase local refining capacities as part of a long-term solution to the fuel crisis.
The lawmakers argued that boosting domestic production would reduce dependency on imports and, in turn, help stabilize prices.
The representatives also tasked the Central Bank of Nigeria (CBN) with implementing monetary policies to mitigate the inflationary effects of rising fuel prices.
They warned that continued price increases could lead to widespread job losses and further economic instability.
Source: TheTalk.NG
