The house of representatives has resolved to investigate the “outrageous rise” in the price of diesel and cooking gas.
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The lower legislative chamber passed the resolution during the plenary session on Tuesday following the adoption of a motion sponsored by Chike Okafor, a lawmaker from Imo state.
The retail price of diesel due to the hike in global oil prices amid the Russia-Ukraine war.
The country has also experienced a spike in the price of liquefied petroleum gas, better known as cooking gas, which has persisted for months.
While moving the motion, Okafor said almost all businesses and households in Nigeria depend on diesel-powered generators as an alternative source of electricity.
“The outrageous rise in the price of automotive gas oil, diesel, as the product which was sold between N280 to N350 per litre three weeks ago is currently being sold above N780 per litre and still rising daily accounting for over 115.4 percent increase within three weeks,” he said.
“Diesel was deregulated in 2009 with an initial price of N100 per litre, and between 2009 till date, Nigerians have witnessed a rising percentage increase in the price of the product.
“The hike in the cost of diesel is alleged to be the handiwork of unscrupulous stakeholders in the industry, and is tantamount to economic sabotage, causing untold hardships for Nigerians as it will increase prices of food as well as other goods and services.”
The legislator said the “possible inflationary pressure envisaged from the rise in the cost of diesel” could negatively affect customers’ income, making it difficult for average Nigerians to meet their basic needs.
According to Okafor, if the high cost of diesel and cooking gas is not checked, the “multiplier effect will spell doom for Nigeria’s economy”.
The motion was adopted when it was put to a voice vote by Femi Gbajabiamila, speaker of the house.
The house mandated the committees on petroleum resources upstream and downstream as well as gas resources to investigate the “unexplained astronomical increase in the price” of the product and report back within six weeks.
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