Reps demand reversal of petrol price hike

The Nigerian House of Representatives has called on the federal government to reverse the recent increase in petrol and cooking gas prices. 

This resolution was passed during the plenary session on Wednesday, |October 16, following a motion co-sponsored by Kingsley Chinda, the minority leader; Aliyu Madaki, the deputy minority leader; and 109 other lawmakers.

On October 9, the Nigerian National Petroleum Company (NNPC) Limited raised the price of petrol across its retail outlets nationwide, sparking widespread concern among the public.

Aliyu Madaki, who moved the motion, highlighted the growing financial burden on Nigerians due to the skyrocketing prices of petrol and cooking gas in recent months. He attributed the price hikes to factors such as the removal of fuel subsidies, global oil price volatility, and the depreciation of the naira. These, he said, have significantly increased costs for many households.

The escalating petrol and gas prices are impacting the cost of transportation, food, essential goods, and healthcare, pushing many families into deeper financial hardship,” Madaki said.

He further noted that businesses, especially small and medium-sized enterprises (SMEs), are struggling with rising operational costs, which is threatening economic stability and job security. The lawmaker also expressed concern about the federal government’s efforts to repair domestic refineries, saying they have not yielded meaningful results in addressing the fuel crisis.

Madaki warned that unless urgent action is taken to control the rising cost of petrol and cooking gas, Nigeria risks entering an economic crisis, leading to increased crime rates, higher poverty levels, and even a rise in mortality rates.

However, not all lawmakers supported the motion. Sada Soli from Katsina argued that the motion was unnecessary, citing an ongoing investigation by a joint ad hoc committee of the House and Senate into the issue. George Ozodinobi from Anambra pointed out that the recent petrol price hike has undermined the newly approved N70,000 minimum wage, saying, “Our people cannot transport their farm produce to the market…there is an increase in the prices of food. We must pressure the government.”

Olumide Osoba from Ogun suggested referring the motion to the joint ad hoc committee of the House and Senate for further review. Despite the opposing views, the motion was adopted following a voice vote presided over by Tajudeen Abbas, the Speaker of the House.

As a result, the House called on the federal government to “take immediate steps to stabilize petrol and cooking gas prices through targeted interventions such as temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.”

The House also urged the NNPCL, the Ministry of Petroleum Resources, and other relevant agencies to expedite the repair and maintenance of domestic refineries, and to boost local refining capacity to reduce dependence on imported petroleum products. Additionally, they called on the Central Bank of Nigeria (CBN) to implement monetary policies to mitigate the effects of fuel price hikes on inflation, particularly for essential goods.

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