October 9, 2024
The latest increase in petrol pump price by NNPCL, has attracted the attention of the Nigeria Labour Congress, NLC and has demanded an immediate reversal of the fresh fuel price hike, saying it is an abnormal for the NNPC to be fixing fuel prices in a so-called deregulated sector.
According to the NLC, the President Bola Tinubu led federal government should immediately reverse the latest hike in petrol price, as previous increases did not produce any positive result in the economy.
NLC President, Joe Ajaero, contended that following the logic of market forces, it is an aberration that a private company NNPCL is the one fixing prices and projecting itself as a hegemonic monopoly.
In a statement titled “What next after increase in pump price?” NLC, said “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.
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“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.”
