In response to the rising cost of petroleum products, the Nigerian House of Representatives has taken decisive action, calling for an immediate reversal of the recent increase in petrol and cooking gas prices. The motion, led by Deputy Minority Leader Aliyu Madaki and supported by 111 other lawmakers, reflects growing concerns over the economic strain the price hike is placing on Nigerian citizens.
During a heated session in the Green Chamber, the lawmakers emphasized that the current pump price for petrol, which has surged beyond ₦1,000 per liter, and the steep increase in cooking gas costs, now at ₦1,500 per kilogram, are causing widespread hardship. The situation, they argue, is exacerbating inflation, reducing household incomes, and threatening job security across the nation.
The House has urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to focus on enhancing local refining capacities to reduce reliance on imported petroleum products. This would, in the long term, help stabilize prices and alleviate the pressure on Nigerians.
Furthermore, the lawmakers called on the Central Bank of Nigeria (CBN) to implement proactive monetary policies aimed at mitigating the negative impact of the fuel price hike on the country’s inflation rate. With inflation already at worrisome levels, the legislators insist that urgent steps must be taken to prevent further deterioration of the economic situation.
This intervention comes on the heels of a warning from the World Bank. In its October report titled *Africa’s Pulse*, the international financial institution cautioned that any further increase in fuel prices could negate the initial benefits seen from the removal of the petrol subsidy earlier in 2023. According to the report, while inflationary pressures due to the subsidy removal and a weakened naira were beginning to ease, the recent 40-45% hike in petrol prices in September risks reversing the disinflationary progress made so far.
The removal of the fuel subsidy was officially implemented in May 2023 under President Bola Tinubu’s administration, which resulted in the price of Premium Motor Spirit (PMS) jumping from ₦175 per liter to over ₦1,000. Though the move was initially hailed as a necessary step to free up funds for development, the subsequent rise in the cost of living has caused widespread discontent among Nigerians.
The House’s resolution now places pressure on the government and relevant agencies to find a sustainable solution that balances economic reforms with the urgent need to ease the suffering of the populace. The public awaits a response from the NNPCL and the Ministry of Petroleum Resources as discussions continue on how to handle the situation moving forward.
For now, Nigerians remain hopeful that their leaders will act swiftly to provide much-needed relief from the escalating costs of fuel and other essential goods.
