The House of Representatives has rejected a motion seeking to stop the increase in the price of Premium Motor Spirit (PMS), better known as Petrol or fuel.

Naija News reports that the motion also seeks to revert fuel to the old price of N537 per liter.

The Nigerian National Petroleum Company (NNPC) Limited (NNPCL) on Tuesday announced a new hike in the pump price of petrol.

The NNPCL Group Chief Executive Officer and Managing Director, Mele Kyari, attributed the recent rise in petrol pump price from N540 to N617 per litre to market forces.

The House on Wednesday resolved to investigate the sudden increase in the price of premium motor spirit and the resultant rise in transport fares across the country.

According to the lower legislative chambers, since it has already resolved to investigate the increase, it will amount to pre-empting the work of the investigative committee by ordering the suspension of the price increase.

In a motion of urgent public importance by Hon. Ikenga Ugochinyere, the House asked the Group Managing Director of the Nigeria National Petroleum Company Limited, Mele Kyari, and oil marketers to appear before an ad hoc committee to explain the increase.

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