The House of Representatives has intervened in the recent rise in petroleum product prices.
Led by Deputy Minority Leader Aliyu Madaki and backed by 111 members, the House has called for an immediate reversal of the price increases for petrol and cooking gas.
The lawmakers expressed concerns that the hike is causing significant hardship for Nigerians and jeopardizing job security.
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Additionally, the Green Chamber urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to enhance local refining capacity.
They also called on the Central Bank of Nigeria (CBN) to implement monetary policies aimed at mitigating the negative impact of rising fuel prices on inflation.
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The World Bank has cautioned that any further rise in petrol prices could undermine the already diminishing impact of subsidy removal in Nigeria.
This warning is detailed in the October edition of its Africa’s Pulse report.
The report said; “While the inflationary effects of a weakened naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 per cent in September may reverse the disinflationary trend.”
In May 2023, President Bola Tinubu officially announced the termination of petrol subsidies in Nigeria, causing the price of Premium Motor Spirit (PMS) to surge from N175 per litre to over N1,000 nationwide.
Additionally, a recent market survey indicates that the price of 1 kg of cooking gas has risen to N1,500.
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