The House of Representatives has unanimously agreed to establish an Ad hoc Committee to investigate the reasons behind the recent increase in fuel pump price, known as Premium Motor Spirit (PMS), from N537 to N617.
Rep. Ugochinyere Ikeagwuonu (PDP-Imo) presented the motion during the plenary session, citing the constitutional authority granted to the National Assembly in Section 88 (1) and (2) to conduct investigations into actions of authorities administering laws made by the National Assembly.
Ikeagwuonu pointed out that the Petroleum Industry Act, 2021, particularly Section 32, tasks the Petroleum Midstream and Downstream Regulatory Authority with regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria.
"On Tuesday, July 18, 2023, petrol pump prices were increased from N537 to N617 by petrol marketers without consulting relevant government agencies," he expressed concern.
Considering the current socio-economic challenges faced by Nigerians, the hike in fuel price is expected to cause significant suffering and hardship.
The House of Representatives has decided to summon the General Managing Director of the NNPCL to explain the reasons for the PMS price increase.
While Rep. Zakaria Nyampa (APC-Adamawa) suggested staying the implementation of the new price pending the investigation's outcome, the proposal was rejected by fellow lawmakers.
Deputy Speaker Benjamin Kalu has mandated the yet-to-be-constituted committee to present its report to the House within four weeks for further legislative action.
Meanwhile, Nigerians have expressed their grievances on Twitter regarding the recent fuel price hike. Some filling stations operated by the Nigerian National Petroleum Company Limited reported selling Premium Motor Spirit at N617 per liter.
Reacting to the increase, Reno Omokri, the Special Assistant to former President Goodluck Jonathan, stated that President Tinubu has no direct control over fuel prices. He emphasized that market forces now determine petrol prices.
"The pressure should not be on the President over the cost of fuel. Let the Independent Petroleum Marketers Association of Nigeria deal with that," Omokri tweeted. He urged President Tinubu to focus on increasing the minimum wage, which is currently inadequate compared to the rising cost of living in Nigeria.
"Nigeria’s minimum wage should be increased to at least ₦75,000. And President Tinubu must lead the way in facilitating that. Or he will soon lose the huge support base he started off with on May 29, 2023," Omokri added.
"If we have ₦70 billion for Senators and Representatives to buy furniture, if we have ₦65 billion to pay severance to Buhari and Osinbajo and their aides, after their disastrous eight years in office, surely, Nigeria can afford to pay both public and private sector workers a living wage," he concluded.
