Reps seek reverse hike in petrol, cooking gas prices

The House of Representatives has called on the Federal Government to reverse the recent increases in the prices of premium motor spirit (PMS), commonly known as petrol, and cooking gas (liquefied petroleum gas, LPG).

This call followed a motion raised by Minority Leader Rep. Kingsley Chinda (PDP-Rivers) during a plenary session in Abuja on Wednesday.

Chinda emphasized the need for interventions, such as price relief, tax reductions, or subsidies on cooking gas, to alleviate the financial strain on low-income households. He pointed out that as an oil-producing nation, Nigeria has historically relied on petroleum products and LPG for energy, but the rising costs have become a severe burden for ordinary Nigerians, contributing to an unsustainable cost of living.

Chinda attributed the sharp increase in prices to the removal of fuel subsidies, global oil price volatility, and the depreciation of the naira, urging immediate action to prevent further hardship for citizens.

“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,” he said.

Chinda said that unless urgent and pragmatic steps were taken to control the rising cost of petrol and cooking gas, the nation would go into economic crisis, leading to negative outcomes like increased crime and mortality rates.

Consequently, the house called on Nigerian National Petroleum Corporation Limited (NNPCL), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries.

According to the lawmakers, an increase in local refining capacity will serve as a stop-gap measure to reduce the dependence on imported refined petroleum products.

The Green Chambers also urged the Central Bank of Nigeria (CBN) to implement monetary policies that would mitigate the adverse effects of petrol price hikes on inflation, particularly with regard to essential goods and services.

The house urged the federal government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas by promoting renewable energy solutions that were more sustainable and affordable.

The lawmakers urged state governments to adopt policies that could alleviate the financial burden on the citizens, such as waiving taxes or levies on transportation and goods affected by high petrol costs.

In his ruling, Speaker Tajudeen Abbas mandated the Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and report back to the house within two weeks for further legislative actions.