The House of Representatives has thrown its weight behind the N617 fuel pump price introduced by the Nigeria National Petroleum Company Limited ( NNPCL)on Tuesday.
NNPCL and the Independent Petroleum Marketers Association of Nigeria ( IPMAN) had blamed the hike in price of fuel on market forces
Mele Kyari, the Group Managing Director had in a statement to the press said that the current price may be temporary.
In his reaction, the National Operations Controller, IPMAN, Mike Osatuyi stated that the price hike had nothing to do with NNPCL saying” the low value of the Naira is currently impacting the market “
According to him, the Naira to the Dollar is more than N800 which is why the market is responding this way adding that their price depends on their cost.
The increase in the pump price has generated reactions from Nigerians with some requesting for suspension of the N617 new price tag.
But members of the House of Representatives Wednesday rejected the motion seeking the suspension of the price. They however resolved to set up an Ad-hoc committee drawn from the six geopolitical zones of the country to look into the issue
The development comes barely a week after president Bola Tinubu announced a N500 billion palliatives for about 12 million vulnerable households to cushion the effect of the subsidy removal and N70 billion for the National Assembly members for refurbishment of their offices.
