The House of Representatives has called on the federal government to reverse the recent fuel pump price hike and take immediate steps to stabilise petrol and cooking gas prices through targeted interventions such as temporary price relief measures, tax reductions, or subsidies on Liquefied Petroleum Gas (LPG) for low-income households.
It also asked the Nigerian National Petroleum Company Limited (NNPCL), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce the dependence on imported refined petroleum products.
The Green Chamber further urged the Central Bank of Nigeria (CBN) to implement monetary policies that will mitigate the adverse effects of fuel price hikes on inflation, particularly with regards to essential goods and services.
The House reached these resolutions following the adoption of a motion of urgent public importance, titled; “Urgent Need To Suspend The Increased Cost Of Petrol And Cooking Gas In The Country And Provide A Stop-Gap” moved by the Minority Leader, Hon. Kingsley Chinda (PDP, Rivers) and 110 others at plenary on Wednesday.
