The House of Representatives has cautioned that the recent spike in fuel prices could lead to social unrest, urging the Federal Government to swiftly reverse the hike.
During Wednesday’s plenary, lawmakers expressed concern over the significant increase in petrol prices across the country, which has exacerbated the cost of living.
The National Assembly’s warning came after a meeting between government officials and labour unions ended without a resolution regarding the rising prices.
Petrol prices at NNPC outlets surged to N1,030 per litre in Abuja, up from N897, while Lagos saw prices rise from N868 to N998 per litre. The increase, the second within a month, has sparked inflationary pressures, raising transportation and food costs nationwide.
The House adopted a motion moved by Minority Leader Kingsley Chinda and 100 other members, calling for the immediate suspension of the price hikes in both petrol and cooking gas.
Chinda expressed concern that the fuel subsidy removal, naira depreciation, and global oil price volatility have placed an unsustainable burden on Nigerians, pushing many into deeper financial hardship.
“The escalating fuel and gas prices are driving up transportation, food, and essential goods costs, worsening inflation and threatening economic stability,” Chinda noted, adding that unchecked inflation could lead to social unrest and increased poverty.
Lawmakers also called on the Nigerian National Petroleum Company (NNPC) and the Ministry of Petroleum Resources to expedite efforts to repair domestic refineries and reduce reliance on imported petroleum products.
In addition, the House urged the Central Bank of Nigeria to introduce monetary policies to mitigate the inflationary impact of fuel price hikes, while also advocating for alternative energy sources to diversify the country’s energy mix.
Despite calls for immediate action, a meeting between government officials and labour unions, led by the Secretary to the Government of the Federation, George Akume, failed to resolve the fuel price issue.
