Several members of the House of Representatives on Wednesday lampooned the President Bola Tinubu-led administration for the recent increase in the prices of petrol and cooking gas, which has resulted in the increase in pump prices of petroleum products.
The lawmakers demanded an urgent reversal of the price hike, saying it has has brought more hardship on suffering Nigerians.
Aliyu Madaki, the Deputy Minority Leader moved a motion sponsored by 111 members of the House insisting that the price hike should be reversed immediately.
The lawmakers also urged the Nigerian National Petroleum Company Limited, NNPCL, and the Ministry of Petroleum Resources to increase local refining capacity.
They also called for the implementation of monetary policies by the Central Bank of Nigeria, CBN, to mitigate the negative consequences of the fuel price hikes on inflation.
The price of petrol has hit the roof since President Tinubu assumed office and terminated further payment of subsidy on petroleum products on May 29, 2023. The price has risen from N175 per litre to over N1000 nationwide.
