The House of Representatives has called on the Federal Government to reverse the recent pump price hike and take immediate steps to stabilise Petrol and Cooking Gas prices through targeted interventions such as temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.
The House also called on the Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce the dependence on imported refined petroleum products.
The Green Chamber further urged the Central Bank of Nigeria (CBN) to implement monetary policies that will mitigate the adverse effects of fuel price hikes on inflation, particularly with regards to essential goods and services.
These among other resolutions were reached by the House during plenary following a motion by Hon Kingsley Chinda and one hundred and eleven other Lawmakers.
Presenting the motion, Hon Ali Madaki who is a co-sponsor said Nigeria, as an oil-producing nation, has historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.
He expressed concern that in recent months, the price of petrol and cooking gas have skyrocketed and continue to soar, creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living,noting that the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the Naira, has contributed significantly to the rising cost of petrol at the pump and cooking gas for households.
He also expressed worry that the escalating fuel and gas prices are impacting the cost of transportation, food, essential goods and health, care, further increasing inflation and pushing many families into deeper financial hardship.
The House also encouraged the government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas, promoting renewable energy solutions that are more sustainable and affordable in the long term and also urged State Governments to adopt policies that alleviate the financial burden on their citizens, such as waiving taxes or levies on transportation and goods affected by high fuel costs.
The House Committees on Petroleum Downstream and Legislative Compliance have been mandated to ensure compliance and report back to the House within two weeks for further legislative action.
