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BREAKING: Reps Demand Instant Reversal Of Petrol, Cooking Gas Price Increases

Published

2 months ago

Oct 16, 2024.

The House of Representatives has responded to the recent increase in petroleum product prices by demanding an immediate reversal of the hikes in petrol and cooking gas prices.

This initiative was led by Deputy Minority Leader Aliyu Madaki and supported by 111 other lawmakers.

EDITOR’S PICKS

EKO HOT BLOG reports that in their resolution, the lawmakers expressed concern that the rising prices are causing hardship for Nigerians and jeopardizing job security across various sectors.

They urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to enhance local refining capacity to alleviate some of the pressures on fuel prices.

Additionally, the House called on the Central Bank of Nigeria (CBN) to implement monetary policies aimed at mitigating the adverse effects of the fuel price increase on inflation.

This intervention comes amid growing public dissatisfaction and economic strain resulting from the latest price hikes.

Reps Petrol Cooking Gas Price

Further complicating the situation, the World Bank has issued a warning that any additional increases in petrol prices could undermine the already fragile economic landscape in Nigeria.

This caution is highlighted in the October edition of the bank’s Africa’s Pulse report, which indicates that while the inflationary effects of a weakened naira and the removal of the gasoline subsidy were gradually subsiding, a further increase in gasoline prices by 40-45% in September could reverse this trend.

Since President Bola Tinubu officially ended petrol subsidies in May 2023, PMS prices have surged from ₦175 per litre to over ₦1,000 nationwide. Additionally, a recent market survey indicates that the price of 1 kg of cooking gas is now ₦1,500.