House of Reps demand reversal in Petrol and Gas increase

The House of Representatives has intervened in the recent fuel price increase, calling for an immediate reversal of the hike in petrol and cooking gas prices

Led by Deputy Minority Leader Aliyu Madaki and sponsored by 111 members, the lawmakers expressed concerns over the hardship and job insecurity caused by the price increase.

The lawmakers made three key demands. They called for the immediate reversal of the petrol and cooking gas price hike.

They also called on the Nigerian National Petroleum Company Limited (NNPCL) and Ministry of Petroleum Resources to increase local refining capacity.

Finally, they urged the Central Bank of Nigeria (CBN) to implement monetary policies mitigating the fuel price hike’s impact on inflation.

This move follows the World Bank’s warning that further price increases could undermine progress made since Nigeria ended petrol subsidies in May 2023.

President Bola Tinubu ended petrol subsidies, leading to prices rising from N175 per liter to over N1000. Cooking gas prices have surged to N1500 per 1 kg.

The lawmakers aim to alleviate Nigerians’ burden and ensure economic stability.

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