The House of Representatives on Tuesday unanimously adopted a motion on the need to address the outrageous rise in the price of Automotive Gas Oil, commonly known as Diesel and cooking gas.
Consequently, the House mandated its Committees on Petroleum Resources (Downstream), Petroleum Resources (Upstream), and Gas Resources to investigate the unexplained astronomical increase in the price of diesel with a view to ensuring that a reasonable price is fixed to alleviate the sufferings of Nigerians and report back within six weeks for further legislative action.
Chike Okafor from Imo State who moved the motion said almost all businesses and households in Nigeria depend on diesel-powered generators as an alternative source of electricity.
Okafor lamented the outrageous rise in the price of diesel, as the product which was sold between N280 to N350 per liter three weeks ago is currently being sold above N780 per liter and still rising on a daily basis accounting for over 115.4 percent increase within three weeks.
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He said the House is: “Concerned that diesel was deregulated in 2009 with an initial price of 100 Naira per liter, and between 2009 till date, Nigerians have witnessed a rising percentage increase in the price of the product.
“Also concerned that 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 result in an increase in prices of food as well as other goods and services.
“Worried that the possible inflationary pressure envisaged from the rise in the cost of diesel could reduce consumers’ disposable income, thus making it impossible for average Nigerians to meet their basic needs.
“Cognizant that if the ugly trend of the increasing price of diesel is not checked, the multiplier effect will spell doom for Nigeria’s economy.”
