House Minority Caucus Rejects Petrol Price Hike

The Minority Caucus in the House of Representativeson Wednesday rejected the increase in pump price of petrol from N148 to N151.56 as announced by the Petroleum Product Marketing Company (PPMC). The lawmakers in a statement by the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu, described the increase as unacceptable as it will result in increase in the already high cost of consumer goods and services in the country, and worsen the current economic hardship being suffered by Nigerians. According to Elumelu, “The minority caucus in the House of Representatives rejects the announced increase in the pump price of fuel. This is because such increase will directly result in more hardship on our citizens, particularly at this critical time when majority of Nigerians across the country are struggling to survive under the burden of high cost of living and low purchasing power occasioned by the prevailing economic challenges. Any increase in the cost of essential commodity like fuel will therefore bring more hardship to the people, and as such, should not be contemplated.” The Caucus challenged the All Progressives Congress (APC)-led government to rather come up with strategies that will lead to decrease rather than increase in the cost of domestic fuel, including revamping the country’s refineries, instead of always resorting to price increase to the detriment of Nigerians. It also directed the PPMC to immediately rescind its announcement and revert to the former price with a view of a downward review.