The House of Representatives on Wednesday, called on the Federal Government to reverse the recent increase in the prices of premium motor spirit (PMS), otherwise known as petrol and cooking gas.
According to NAN, the call was a sequel to a resolution to a motion by the Minority Leader, Rep. Kingsley Chinda (PDP-Rivers) at plenary in Abuja.
Chinda, while moving the motion, stressed the need for interventions targeted at price relief, tax reductions, or subsidies on cooking gas, also called liquefied petroleum gas (LPG) for low-income households.
He noted that Nigeria, as an oil-producing nation, had historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.
The lawmaker stated that in recent months, the prices of petrol and cooking gas had skyrocketed and continued to do so, thus creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living.
According to him, the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the naira, had contributed significantly to the rising cost of petrol and cooking gas for households.
“Nigerians are worried that the escalating fuel and gas prices are impacting on the transportation, food, essential goods and healthcare as well as increasing inflation.
“Further push on the prices of these two items had exposed many families to deeper financial hardship.
“Businesses, particularly small and medium enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.
“The Federal Government has the refining capacity to address some of these issues but has yet to deliver significant results in this regard.
“The rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects,” he said.
