The House of Representatives has intervened in the recent hike in petroleum product prices.
Moved by Deputy Minority Leader Aliyu Madaki and backed by 111 members, the House called for an immediate reversal of the increases in petrol and cooking gas prices, citing economic hardship and job insecurity concerns.
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Lawmakers urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to boost local refining capacity.
Reps also requested the Central Bank of Nigeria to implement policies to curb the inflationary effects of the price hike.
Meanwhile, the World Bank, in its October Africa’s Pulse report, warned that the recent 40-45% increase in petrol prices could reverse the disinflationary trend post-subsidy removal.
In May 2023, President Bola Tinubu officially ended fuel subsidies, causing a surge in petrol prices to over N1,000 per litre. Cooking gas has similarly risen, with a recent survey putting the price of 1 kg at N1,500.
