Reps investigate sharp rise in fuel price

Reps investigate sharp rise in fuel price

As Nigerians continue to struggle with the hike in the price of petrol, the Federal House of Representatives has set up an ad hoc committee to summon the Group Managing Director of the Nigeria National Petroleum Company Limited NNPCL to give explanations on the current situation.

The committee is also to invite the Independent Petroleum Marketers Association of Nigeria IPMAN.

This was sequel to the adoption of a motion by a member from Imo state Mr Ikenga Chinyere, at plenary.

According to the legislator, Nigerians woke to an increase in fuel prices from an average of 550 to 617 naira per liter, resulting in an overnight surge in the cost of transportation across the country.

He added that food prices are also projected to rise because fuel prices affect the prices of everything in Nigeria.

The Deputy Speaker, Benjamin Kalu, who presided over plenary, praised the spirit of the motion, saying the house must do something to ease the pain of Nigerians.

Kalu stressed that market forces are reacting to the recently suspended subsidy on petrol.

Filling stations across Nigeria have implemented the NNPCL’s new pump price of N617 per litre.

i-News Nigeria earlier reported that many citizens have lamented the sudden change as prices of food, transportation, and logistics surge further.

Payments for subsidies on fuel have kept the price of fuel down in Nigeria for years but the government has ended the programme saying it is expensive and full of corruption.


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