Breaking: Reps Call For Immediate Reversal Of Petrol And Cooking Gas Price Hike

Breaking: Reps Call For Immediate Reversal Of Petrol And Cooking Gas Price HikeThe House of Representatives has responded to the recent spike in fuel prices, calling for an immediate reversal of the increases in petrol and cooking gas costs.....KINDLY READ THE FULL STORY HERE▶

This action was spearheaded by Deputy Minority Leader Aliyu Madaki, backed by 111 other House members.

Lawmakers voiced their concern, noting that the rising prices are causing hardship for Nigerians and threatening job security in various sectors.

In light of the urgency, the House urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to boost local refining capacity to ease the burden of high fuel prices.

The House also called on the Central Bank of Nigeria (CBN) to implement monetary policies to counteract the inflationary effects of the fuel price hikes.

This intervention comes amid growing public discontent and economic pressure caused by the price increases. The World Bank has also issued a warning that further hikes could worsen the situation, undermining the effects of subsidy removal in Nigeria.

In its October edition of Africa’s Pulse report, the World Bank noted that while the inflationary impact of the weakened naira and the removal of fuel subsidies earlier in the year had started to ease, the 40-45% hike in gasoline prices in September could reverse that progress.

President Bola Tinubu officially ended petrol subsidies in May 2023, raising PMS prices from N175 per liter to over N1000 across the country.

A recent market survey shows that the price of 1 kg of cooking gas now stands at N1500.