Nigeria’s House of Representatives members have urged the Federal Government to reverse the recently increased prices of premium motor spirit (PMS) otherwise known as petrol and cooking gas in the country.
This came after the adoption of a motion moved by the House Minority Leader, Kingsley Chinda, at a recent plenary in Abuja.
In his presentation, Chinda stressed the need for price relief, tax reductions, or subsidies on cooking gas and called liquefied petroleum gas (LPG) for low-income households.
He stated that as an oil-producing nation, Nigeria had historically relied on petroleum products and cooking gas (LPG) as major sources of energy for both domestic and industrial purposes.
According to him, the removal of fuel subsidies alongside global oil price volatility and naira depreciation had contributed greatly to the increasing cost of petrol and cooking gas for households.
He said: “Nigerians are worried that the escalating fuel and gas prices are impacting on the transportation, food, essential goods and healthcare as well as increasing inflation.
“Further push on the prices of these two items had exposed many families to deeper financial hardship.
“Businesses, particularly small and medium enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.
“The Federal Government has the refining capacity to address some of these issues but has yet to deliver significant results in this regard.
“The rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects.”
In its resolution, the House asked the Nigerian National Petroleum Corporation Limited (NNPCL), the Ministry of Petroleum Resources, and other relevant agencies to fast track the repair/maintenance of domestic refineries.
The House also urged the Central Bank of Nigeria (CBN) to implement monetary policies that would neutralize the adverse effects of petrol price increase on inflation, particularly with regard to essential goods and services.
The House urged the government to explore alternative energy sources and diversify Nigeria’s energy mix to reduce reliance on petrol and gas by promoting renewable energy solutions that were more sustainable and affordable.
In his ruling, the Speaker of the House, Tajudeen Abbas, asked the Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and provide feedback to the House within two weeks for further legislative actions.
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