Reverse Recent Increase in Price of Petrol, Gas, House Urges FG

Adedayo Akinwale in Abuja 

The House of Representatives has called on the Federal Government to reverse the recent pump price hike of petrol and also take immediate steps to stabilise cooking gas prices through targeted interventions.

This, it said, should include temporary price relief measures, tax reductions, or subsidies on gas for low-income households.

The green chamber also called on state governments to adopt policies that would alleviate the financial burden on their citizens, such as waiving taxes or levies on transportation and goods affected by high fuel costs.

The resolution of the House was sequel to the adoption of a motion titled ‘Urgent need to suspend the increased cost of petrol and cooking gas in the country and provide a stop-gap’ sponsored at the plenary on Wednesday by Hon. Aliyu Madaki and 110 others.

Moving the motion, the lawmaker said Nigeria, as an oil-producing nation, has historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.

Madaki noted that in recent months, the prices of petrol and cooking gas have skyrocketed and continued to so do, creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living.

The lawmaker stressed that the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the naira, has contributed significantly to the rising cost of petrol at the pump and cooking gas for households.

Madaki expressed worry that the escalating fuel and gas prices are impacting the cost of transportation, food, essential goods and healthcare, further increasing inflation and pushing many families into deeper financial hardships.

He lamented that businesses, particularly small and medium-sized enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.

Madaki acknowledged that the Federal Government has previously announced plans to repair domestic refineries and boost local refining capacity to address some of these issues but has yet to deliver significant results in this regard.

He expressed concern that the rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices could lead to social unrest, increased poverty rate and negative long-term economic effects.

Madaki said unless urgent and pragmatic steps are taken to control the rising cost of petrol and cooking gas, the nation could go into economic crisis leading to negative outcomes like increased

crime and mortality rate.

The House, therefore, called on the “Federal Government to reverse the recent pump price hike and take immediate steps to stabilise petrol and cooking gas prices through targeted interventions such as temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.

“Call on the Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce the dependence on imported refined petroleum products”.

The House urged the Central Bank of Nigeria (CBN) to implement monetary policies that would mitigate the adverse effects of fuel price hikes on inflation, particularly with regards to essential goods and services.

It encouraged the Federal Government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas, promoting renewable energy solutions that are more sustainable and affordable in the long term.