JUST IN: House of Reps Demands Immediate Reversal of Fuel Price Hikes Amid Growing Hardship

The House of Representatives has stepped into the fray over the alarming increase in petroleum product prices, responding to the growing distress among Nigerians. Led by Deputy Minority Leader Aliyu Madaki and backed by 111 members, the House has called for an urgent rollback of the recent hikes in petrol and cooking gas prices.CONTINUE FULL READING>>>>>

Lawmakers voiced concerns that the price surge is exacerbating hardships for citizens and jeopardizing job security across the nation. In a proactive measure, the Green Chamber urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to bolster local refining capacity. They also implored the Central Bank of Nigeria (CBN) to introduce monetary policies aimed at mitigating the inflationary impact of the fuel price increase.

This plea comes in the wake of a stark warning from the World Bank, which cautioned that further price hikes in petrol could undo the positive effects of subsidy removal in Nigeria. In its latest Africa’s Pulse report, the World Bank indicated that while the inflationary pressures from a weakened naira and the elimination of gasoline subsidies appeared to be easing, a substantial increase in gasoline prices by 40-45 percent in September could reverse this trend.

Since President Bola Tinubu officially ended petrol subsidies in May 2023, prices have skyrocketed from N175 per litre to over N1000 across the country. A recent market survey also highlighted that the cost of 1 kg of cooking gas has surged to N1500, intensifying the economic strain on households.CONTINUE FULL READING>>>>>