The Federal Government has been urged by the House of Representatives to rescind the recent hike in premium motor spirit (PMS) rates, which are also known as cooking gas and gasoline.
According to the News Agency of Nigeria (NAN), the call followed a resolution to a motion made by Rep. Kingsley Chinda (PDP-Rivers), the minority leader, during Wednesday’s plenary in Abuja.
In introducing the motion, Chinda emphasized the necessity of policies aimed at lowering costs, lowering taxes, or providing low-income households with subsidies for cooking gas, also known as liquefied petroleum gas (LPG).
As an oil-producing country, Nigeria has long depended on cooking gas (LPG) and petroleum products as vital energy sources for both home and business needs, he said.
According to the congressman, the cost of life has increased and ordinary Nigerians are facing an unmanageable financial strain as a result of the recent and ongoing explosion in the prices of cooking gas and gasoline.
He claimed that the elimination of fuel subsidies, the volatility of the world oil price, and the depreciation of the naira had all played a major role in the rising cost of cooking gas and gasoline for households.
Nigerians are concerned that rising fuel and gas prices will affect healthcare, food, transportation, and other necessities while also driving up inflation.
Many families had experienced greater financial difficulties as a result of further pressure on the costs of these two commodities.
Increased fuel prices are making it difficult for businesses, especially small and medium-sized businesses (SMEs), to control their operating expenses, endangering both job security and economic stability.
Although it has the ability to refine some of these problems, the Federal Government has not yet produced noteworthy outcomes in this area.
“Millions of Nigerians’ livelihoods are seriously threatened by the rising cost of cooking gas and gasoline, and if inflationary pressure is allowed to continue, it can result in social unrest, higher rates of poverty, and detrimental long-term economic effects,” he stated.
NAN
ALSO READ:
