The House of Representatives has rejected a motion to stop the increase in the prices of petrol and the reversal to the old pump prices of N488 to N537 per liter.

In a motion of urgent public importance by Rep. Ikenga Ugochinyere during plenary on Wednesday, the House called for an investigation of the sudden increase in the price of petrol and its effect on the cost of transportation across Nigeria.T

The House explained that ordering the suspension of the price increase would amount to pre-empting the work of its investigative committee if it.

The lower legislative chamber urged the Group Managing Director of the Nigeria National Petroleum Company Limited, Mele Kyari, and oil marketers to appear before its ad hoc committee to explain the recent increase.

The ad hoc committee is tasked with finding ways to ensure the effective distribution of palliatives to Nigerians,to cushion the effect of petrol subsidy removal.

Petrol Sells for More Than N600 a Liter
Petrol prices increased this week across Nigeria to more than N600 a liter.

The NNPC Mega Stations in the Federal Capital Territory were selling at N617 Wednesday morning, apart from the one at Shafa close to Airport Road that sold for N615.

Azman Fuel Stations sold for N620, Eterna and Rain Oil sold for N617, while it was N615 at the Total Fuel Station by NNPC Towers and N611 at Optimal Energy Station at NYSC Junction.

Fuel stations in Lagos State sold for between N617 and N700 a liter, and the ones in Port Harcourt, Rivers State adjusted their pumps to between N591 and N615.

Petrol skyrocketed in Ondo State to between N617 and N630 a liter.

The NNPC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority say market forces are responsible for the increase in petrol prices.


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