Petrol Price Hike: NLC Calls For Immediate Reversal

The Nigeria Labour Congress (NLC) has expressed displeasure the recent increase in fuel prices, describing it as an aberration that undermines the principles of a deregulated market.

The NLC argues that the Nigerian National Petroleum Company Limited (NNPCL), a government-owned entity, should not be the sole arbiter of fuel prices in a sector that is supposedly open to market forces.

In a statement released by NLC President, Joe Ajaero, the union demanded an immediate reversal of the fuel price hike, emphasizing that past increases have not led to any tangible benefits for the Nigerian populace.

The statement titled “What next after increase in pump price?” reads, “We are dismayed by the latest increase in the pump price of petrol. It looks like the only thing this government is known for is the increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.

“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.

“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities. It will further deepen poverty as production capacities dip, and more jobs lost with multidimensional negative effects.

“In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer. But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.”