In a significant development, the Nigerian House of Representatives rejected a motion on Wednesday to revert the price of petrol to the previous rate of N537 per liter.
lnstead, the House resolved to launch an investigation into the sudden increase in price and its subsequent impact on transportation fares nationwide.
Acknowledging their prior decision to probe the price surge, the House argued that suspending the price hike would undermine the work of the investigative committee.
Hon. Ikenga Ugochinyere presented a motion of urgent public importance, demanding the appearance of Mele Kyari, the Group Managing Director of the Nigeria National Petroleum Company Limited, and oil marketers before an ad hoc committee to explain the reasons behind the price escalation.
The ad hoc committee will also focus on finding effective ways to distribute palliatives among Nigerians, aiming to alleviate the consequences of subsidy removal.
The upcoming inquiry by the ad hoc committee will play a pivotal role in determining the course of action regarding petrol prices and implementing measures to alleviate the burden on Nigerians impacted by the subsidy removal.
