*Members of the Nigerian House of Representatives, in the National Assembly, Abuja, advocate an immediate reversal of increases in the pump price of petroleum products and Liquefied Petroleum Gas (LPG), also known as cooking gas, fearing the recent price increments are causing hardship for Nigerian consumers and threatening job security in the economy

Isola Moses | 绿帽献妻

Following the recent price hikes in key energy products in the country, members of the Nigerian House of Representatives, in the National Assembly (NASS), Abuja, FCT, have advocated the immediate reversal of increases in the pump price of petroleum products and Liquefied Petroleum Gas (LPG), also known as cooking gas.

绿帽献妻 reports Hon. Aliyu Madaki, a member and Deputy Minority Leader of the House, moved the motion, which 111 other members of the House of Representatives sponsored on the floor of the Green Chamber.

Hon. Madaki called for the immediate reversal of the price increase in petrol and cooking gas.

On why the Federal lawmakers waded into the salient issue of national discourse, the legislators explained they feared that the recent hikes are causing hardship for Nigerian consumers and threatening job security.

Likewise, the Lower Legislative Chamber of NASS asked that the Nigerian National Petroleum Company Limited (NNPCL), and the Ministry of Petroleum Resources, to increase local refining capacity.

The House equally urged the Central Bank of Nigeria (CBN) to apply monetary policies that would mitigate the negative effects of fuel price hike on inflation in the country.

Meanwhile, the World Bank has warned against a further increase in petrol price, noting this might reverse the already dwindling positive effects of subsidy removal in the country鈥檚 economy.

The Bretton Woods global lender鈥檚 caution is contained in the October Edition of its Africa鈥檚 Pulse Report.

The Bank stated: 鈥淲hile the inflationary effects of a weakened Naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 percent in September may reverse the disinflationary trend.鈥�

A recent market survey also estimated the price of 1 kg cooking gas at N1,500 in Nigeria.

President Bola Ahmed Tinubu May 29, 2023, during his inaugural address to Nigerians, had officially pronounced an end to petrol subsidies in the West African country.

The current administration subsequently, increased PMS price from N175 per litre to about N1,300 depending on the location in the economy.