House of Reps rejects reversal of fuel price hike to N537 per litre

The House of Representatives has taken a stand to present recommendations to the federal government aimed at alleviating the impact of petrol subsidy removal. To address the recent increase in the petrol pump price, the lower legislative chamber has established an ad hoc committee to investigate the circumstances leading to this increment.

During the plenary session on Wednesday, the resolution was passed following the adoption of a motion of urgent public importance brought forward by Ugochinyere Ikeagwuonu, a member of the Peoples Democratic Party (PDP) from Imo state.

Oil marketers implemented the hike on Tuesday, raising the petrol pump price from N537 to N617 per liter in Abuja and N568 per liter in Lagos. This move occurred a few months after the full deregulation of the downstream petroleum sector, where market forces now determine the prices of products without government controls.

On May 29, President Bola Tinubu declared that the “petrol subsidy is gone,” which subsequently led to an immediate increase in the pump price of petrol nationwide.

In his motion, Ikeagwuonu emphasized that section 88 (1) and (2) of the constitution grants the national assembly the power to investigate the activities of any authority implementing laws passed by parliament. He pointed out that section 32 of the petroleum industry act, 2021 assigns the Petroleum Midstream and Downstream Regulatory Authority the responsibility of regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria.

The legislator highlighted that the recent pump price increase was executed by petrol marketers “without conferring with the relevant agencies of government.”

Considering the current socio-economic challenges faced by Nigerians, Ikeagwuonu stressed that a hike in fuel prices would impose great suffering and hardship on the citizens.

During the debate, Zakaria Nyampa, a member of the All Progressives Congress (APC) from Adamawa, suggested that the house should request oil marketers to revert to the previous price pending the investigation’s outcome. However, the lawmakers rejected this proposal when put to a voice vote by Benjamin Kalu, the deputy speaker and presiding officer.

The substantive motion was eventually voted in favor by the members.