House of Representatives has resolved to investigate the factors behind the hike in prices of gas and diesel in Nigeria.

The resolution followed a motion moved by Chike Okafor during plenary.

Mr Okafor, who moved the motion, accused some persons in the oil sector of sabotaging the economy by hoarding the products.

The prices of diesel have increased from N350 to N750 in the past month.

He said the “hike in the cost of diesel is alleged to be the handiwork of unscrupulous stakeholders in the industry, and is tantamount to economic sabotage, causing untold hardships for Nigerians as it will result in an increase in prices of food as well as other goods and services.”

Okafor said the inflation in prices of diesel is “making it impossible for average Nigerians to meet their basic needs.”

He added that if the “ugly trend of the increasing price of diesel is not checked, the multiplier effect will spell doom for Nigeria’s economy.”

Ibrahim Isiaka, while contributing to the motion, moved an amendment to include the hike in the price of cooking gas.

Consequently, the House ordered its committees on Petroleum Resources (Downstream), Petroleum Resources (Upstream), and Gas Resources to investigate the unexplained astronomical increase in the price of diesel and gas.

DP/Ibrahim Bamidele

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