The House of Representatives has strongly condemned the recent hike in petrol prices, calling on the Federal Government to immediately reverse the increase. The price of Premium Motor Spirit (PMS), also known as petrol, has skyrocketed to ₦1,030 per litre, causing significant economic hardship across the country.
The resolution was passed during a plenary session on Wednesday, following a motion of urgent public importance moved by the Minority Leader, Kingsley Chinda, and supported by 100 other lawmakers. Chinda highlighted the unbearable financial burden the price hike has imposed on ordinary Nigerians, exacerbating the cost of living and threatening economic stability.
The lawmakers expressed concern over the impact of the price increase on transportation, food, essential goods, and healthcare, which has led to increased inflation and pushed many families into deeper financial hardship. They also noted that businesses, particularly small and medium-sized enterprises, are struggling to manage their operational costs due to the high fuel prices.
The House of Representatives urged the Nigerian National Petroleum Company Limited (NNPCL), the Ministry of Petroleum Resources, and other relevant agencies to expedite the repair and maintenance of domestic refineries to enhance local refining capacity. This, they believe, would reduce the country’s dependence on imported refined petroleum products.
Additionally, the House called on the Central Bank of Nigeria to implement monetary policies that would mitigate the adverse effects of fuel price hikes on inflation, particularly regarding essential goods and services. They also advocated for the exploration of alternative energy sources and the diversification of the country’s energy mix to reduce reliance on petrol and gas.
The lawmakers further tasked state governments to adopt policies that could alleviate the financial burden on their citizens, such as tax waivers or levies on transportation and goods affected by high fuel costs. Speaker Tajudeen Abbas mandated the Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and report back to the house within two weeks for further legislative actions.
