The House of Representatives has urged the federal government to reverse the recent petrol price hike, citing the increased hardship on Nigerians.

The House also called for measures to stabilize petrol and cooking gas prices, such as temporary relief, tax reductions, or subsidies for low-income households.

In a motion sponsored by 101 members, the House asked the Nigerian National Petroleum Corporation (NNPC) and other agencies to expedite refinery repairs and boost local refining to reduce reliance on imported fuel.

They also urged the Central Bank of Nigeria (CBN) to implement policies that would curb the inflationary effects of fuel price hikes on essential goods.

The government was further encouraged to explore alternative energy sources and promote renewable energy to reduce dependence on petrol and gas. State governments were asked to alleviate the financial burden by waiving taxes on transportation and goods affected by fuel costs.

Deputy Minority Leader Aliyu Madaki highlighted the financial strain caused by rising petrol and cooking gas prices, worsened by the removal of fuel subsidies, global oil price fluctuations, and Naira depreciation.

He warned that these escalating prices were impacting businesses and households, increasing inflation, and threatening economic stability.

Madaki stressed that without urgent intervention, the nation could face an economic crisis with dire social and economic consequences.