House of Representatives to Investigate Petrol Pump Price Hike and Propose Government Measures
During a recent plenary session, the House of Representatives made a decisive move to address the increasing petrol pump price. In response to the situation, an ad hoc committee will be established to thoroughly investigate the circumstances surrounding the price increment. The committee’s main objective is to propose viable palliative measures that the federal government can implement to alleviate the impact of the petrol subsidy removal.
The resolution was passed after Ugochinyere Ikeagwuonu, a member of the Peoples Democratic Party (PDP) representing Imo, sponsored a motion of urgent public importance.
Oil marketers raised the pump price of petrol at retail outlets, setting it at N617 per litre in Abuja and N568 per litre in Lagos, up from the previous N537 per litre. This significant increase occurred just weeks after the complete deregulation of the downstream petroleum sector, wherein market forces determine product prices without government controls.
The President’s announcement on May 29 declaring the end of petrol subsidy triggered the price surge across the country. In light of this development, Ikeagwuonu cited constitutional provisions empowering the National Assembly to investigate activities executed by authorities responsible for implementing parliamentary laws.
He pointed out that the Petroleum Industry Act, 2021, specifically entrusts the Petroleum Midstream and Downstream Regulatory Authority with regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria. However, the petrol price hike occurred without proper consultation with relevant government agencies, which raised concerns about its potential adverse effects on the already challenging socio-economic conditions faced by Nigerians.
In the ensuing debate, Zakaria Nyampa, a member of the All Progressives Congress (APC) representing Adamawa, suggested that the house should request oil marketers to revert to the old price while the investigation is ongoing. Nevertheless, the proposal was ultimately rejected by the lawmakers during a voice vote presided over by Deputy Speaker Benjamin Kalu.
The substantive motion was voted on and approved, indicating the House’s commitment to address the issue thoroughly.
