The Nigerian House of Representatives has called on the federal government to reverse the recent increase in petrol and cooking gas prices. The resolution, passed during Wednesday’s plenary, reflects growing concerns over the financial strain caused by the price hikes.
“The prices of petrol and cooking gas have skyrocketed, creating an unsustainable financial burden on ordinary Nigerians,” said Deputy Minority Leader Aliyu Madaki. He emphasized that businesses, particularly small and medium-sized enterprises (SMEs), are struggling with operational costs, threatening “economic stability and job security.”
The Nigerian National Petroleum Company (NNPC) Limited increased petrol prices on October 9, leading to a surge in transportation fares and other costs. The removal of petrol subsidies, coupled with global oil price volatility and the depreciation of the naira, have contributed to the rising prices.
The House urged immediate government intervention to stabilize petrol and cooking gas prices through temporary relief measures, tax reductions, or targeted subsidies for low-income households. They also called for the expedited repair of domestic refineries and the boosting of local refining capacity to reduce dependence on imported petroleum products.
Meanwhile, representatives of the federal government and organized labor held a meeting on Wednesday to discuss the petrol price hike. While the meeting did not result in a resolution, both sides agreed to continue engaging on this issue. Mohammed Idris, Minister of Information, described the discussions as “a work in progress.”
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
