THE House of Representatives on Wednesday mandated the committees on Gas Resources and Petroleum Resources (Downstream) to investigate the reasons for the scarcity and incessant hike in the price of liquefied Petroleum gas (cooking gas).
The committees according to the resolution of the House would report back to the House within six weeks for further legislative action.
The House resolution followed a motion moved by Hon Segius Ogun who expressed shock said that the price of the gas has been subjected to incessant hikes with the various players in the sector trading blames and ending up doing nothing to stem the rise in price which he said usually precede d by scarcity of the product.
According to him, “the gas is sold to marketers and paid for in naira, unlike other petroleum products which are priced in United States dollars and are therefore subject to foreign exchange fluctuations which sometimes affect the supply and availability of the products.”
He added that in 2016, the price of 12.5 kilogrammes, of the gas increased from N2,700 to between N3,500 and N4,000 depending on the vendor and the same quantity of the product is currently selling for between N5000 to N6000.
The motion scaled through when it was put to vote by the Speaker, Hon Yakubu Dogara.
Meanwhile the Spokesman of the House has explained that the House would not observe its usual plenary session today.
He said that the suspension of plenary would afford members to have time for budget defence session.
…saying foreign aid reliance entangles nations A Professor of Economics from the College of Management…
He noted that Anambra, once a leading light in education for over a decade, has…
Prince Adewole Adebayo, the candidate of the Social Democratic Party (SDP) in the 2023 presidential…
He equally declared that by accommodating defectors, the Tinubu administration was creating a government of…
"The blackout has paralyzed economic activity here. Welders, tailors, cold drinks sellers, and barbers have…
In a drive to harness innovation for sustainable national growth and youth empowerment, the Director…
This website uses cookies.