Revert to old petrol price, Reps tell FG

The House of Representatives has asked the Federal Government to revert to the old pump price of petroleum products, maintaining that the rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians.

The lawmakers specifically demanded an urgent reversal of the hike in the price of fuel and cooking gas.

They 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.

Deputy Minority Leader, Aliyu Madaki, in a motion sponsored with 111 other members of the House during Wednesday’s plenary, said the recent hike in the prices of petrol and cooking gas has created an “unsustainable financial burden on ordinary Nigerians and exacerbated 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, Madaki expressed concern that the escalating fuel and gas prices are impacting the cost of transportation, food, essential goods, and healthcare.

According to him, these developments have led to increasing inflation and pushed many families into deeper financial hardship.

The lawmaker also lamented that businesses, particularly small and medium-sized enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices.

He recalled that the Federal Government had announced plans to repair domestic refineries and boost local refining capacity to address some of these issues but has yet to deliver significant results in this regard.

“Mindful that the rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and that unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects; also worried that unless urgent and pragmatic steps are taken to control the rising cost of petrol and cooking gas, the nation will go into an economic crisis leading to negative outcomes like increased crime rates and mortality rates,” he stated.

Following brief debates on the motion, the House called on the Federal Government to revert the recent pump price hike.

The Green Chamber also urged the government to 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 called on the Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources, and other relevant agencies to expedite the repair and maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce dependence on imported refined petroleum products.

The lawmakers also mandated the House Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and report back to the House within two weeks for further legislative action.