The House of Representatives has decided to form an ad hoc committee to study the reasons that led to the increase in Premium Motor Spirit (PMS) pump price from N537 to N617. The decision followed the unanimous passage of a motion by Rep. Ugochinyere Ikeagwuonu (PDP-Imo) at a plenary session on Wednesday.
Ikeagwuonu, who introduced the motion earlier, stated that Sections 88 (1) and (2) of the Constitution authorize the National Assembly to investigate the operations of any authority executing or administering legislation passed by the National Assembly.
He stated that Section 32 of the Petroleum Industry Act of 2021 charges the Petroleum Midstream and Downstream Regulatory Authority with regulating and monitoring technical and commercial midstream and downstream operations.
“Tuesday, July 18, 2023 Petrol Pump Price was increased from N537 to N617 by Petrol marketers, without conferring with the relevant agencies of government.
“Disturbed that in view of the current socio-economic challenges being faced by Nigerians, a hike in the price of fuel will heap great suffering and hardship on Nigerians,” he said. The house resolved to invite the General Managing Director of the NNPCL to explain the hike in PMS price.
The lawmakers, however, rejected a call by Rep. Zakaria Nyampa (APC-Adamawa) to stay implementation of the new price pending the outcome of the investigation. Deputy Speaker Benjamin Kalu mandated the committee, when constituted to report back to the House within four weeks for further legislative action.
