Reps to Investigate Increase in Fuel Pump Price

Reps to Investigate Increase in Fuel Pump Price

The House of Representatives has resolved to set up an Ad hoc committee to investigate the circumstances leading to the increment of pump price of Premium Motor Spirt (PMS) from N537 to N617. The resolution was a sequel to a unanimous adoption of a motion by Rep. Ugochinyere Ikeagwuonu (PDP-Imo) at a plenary session on Wednesday.

Moving the motion earlier, Ikeagwuonu said that section 88 (1) and (2) of the Constitution empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly.

He said that Section 32 of the Petroleum Industry Act, 2021 saddles the Petroleum Midstream and Downstream Regulatory Authority with the task of regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria.

“Tuesday, July 18, 2023 Petrol Pump Price was increased from N537 to N617 by Petrol marketers, without conferring with the relevant agencies of government.

“Disturbed that in view of the current socio-economic challenges being faced by Nigerians, a hike in the price of fuel will heap great suffering and hardship on Nigerians,” he said. The house resolved to invite the General Managing Director of the NNPCL to explain the hike in PMS price.

The lawmakers, however, rejected a call by Rep. Zakaria Nyampa (APC-Adamawa)  to stay implementation of the new price pending the outcome of the investigation. Deputy Speaker  Benjamin Kalu mandated the committee, when constituted to report back to the House within four weeks for further legislative action. #Reps to Investigate Increase in Fuel Pump Price Nigerian Treasury Bills Yield Rises to 7%

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