Reps Minority Caucus Orders PPMC To Revert ex-Depot Petrol Price Hike

The Minority Caucus in the House of Representatives has ordered Petroleum Products Marketing Company (PPMC) to rescind its decision to increase pump price of petroleum products.

PPMC had on Wednesday adjusted the ex-depot price of Premium Motor Spirit, also known as petrol, twice within a few hours.

The new price of N147.67. was made public shortly after the PPMC announced an initial increment to N151.56 per litre from the erstwhile price of N138.62 per litre.

Reaching to the increment, House of Representatives Minority Leader, Hon. Ndidu Elumelu, in a statement on Wednesday, described the announced increase as unacceptable as it will result in increase in the already high cost of consumer goods and services.

He added that the adjustment would worsen the current economic hardship being faced by Nigerians.

According to Elumelu, “the minority caucus in the House of Representatives, rejects the announced increase in the pump price of fuel.

Advertisement

“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 minority leader stated.

The opposition lawmakers 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 our nation’s refineries, instead of always resorting to price increase, to the detriment of Nigerians”.

The minority caucus therefore directed the PPMC to immediately rescind its announcement and revert to the former price, with a view of a downward review.