The House of Representatives has intervened in the recent increase in pump prices for petroleum products, calling for the immediate reversal of the pricr hikes in petrol and cooking gas.
This follows a motion led by Deputy Minority Leader Aliyu Madaki and supported by 111 members, according to Channels News.
The lawmakers expressed concerns that the increases are exacerbating hardship for Nigerians and jeopardizing job security.
Additionally, the House urged the Nigerian National Petroleum Company Limited and the Ministry of Petroleum Resources to enhance local refining capacity.
They also called on the Central Bank of Nigeria to implement monetary policies aimed at mitigating the inflationary effects of rising fuel prices.
Recall that the World Bank cautioned that any further increases in petrol prices could undermine the already diminishing effects of subsidy removal in Nigeria.
This warning is detailed in the October edition of its Africa’s Pulse report.
The report said, “While the inflationary effects of a weakened naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 per cent in September may reverse the disinflationary trend.”
Nigerians are currently grappling with high inflation and foreign exchange crisis triggered by President Tinubu’s government dual policies of petrol subsidy removal and the unification of foreign exchange windows.
