Nigeria’s House of Representatives Intervenes in Fuel Price and Gas Crisis

The House of Representatives has stepped in to address the recent fuel price hike, urging an immediate reversal of the increased prices of petrol and cooking gas.

Deputy Minority Leader Aliyu Madaki, backed by 111 lawmakers, expressed concerns about the hardship and job insecurity resulting from the price surge.

To address the issue, the lawmakers made the following demands:

1. Reversal of the petrol and cooking gas price hike.

2. Increased local refining capacity by the Nigerian National Petroleum Company Limited (NNPCL) and Ministry of Petroleum Resources.

3. Monetary policy interventions by the Central Bank of Nigeria (CBN) to mitigate inflation.

The World Bank warned that further price increases could undermine progress made since Nigeria ended petrol subsidies in May 2023.

The subsidy removal led to petrol prices skyrocketing from N175 to over N1000 per liter, while cooking gas prices reached N1500 per kilogram.

Lawmakers aim to ease the burden on Nigerians and ensure economic stability.