Fuel Price May Hit N1,000 By December – NLC Warns
The Nigeria Labour Congress (NLC) has warned that fuel may sell for a staggering N1000 per litre by December 2023.
This comes after President Bola Tinubu had in his inaugural speech removed fuel subsidy. Following the announcement by the President, the Nigeria National Petroleum Company Limited (NNPCL) reviewed its pump price for the product from about N185 to over N500.
Also, the NLC asked for a reversal of the removal of fuel subsidy and threatened to protest next Wednesday over the hike in the petrol price.
Speaking during an appearance on Arise News on Sunday, NLC National President, Joe Ajaero, said the failure of the government to liberalize the oil sector to allow for more private individuals to invest will make the fuel pump price go up as high as N1,000.
He said:
“Dangote’s fuel production monopoly and non-functioning refineries limit market competition. Without other players in the sector, petrol prices may reach N1,000/Litre by December.”
Ajaero insisted that until the refineries in Port Harcourt, Warri, and Kaduna are working optimally, there may be no competition in the market and the price of the product may continue to skyrocket.
“How can there be market forces if Dangote is the only one producing? Are we not maintaining a private sector monopoly which is even worse than the public sector monopoly that the NNPC has been maintaining?
“What is the situation in the cement industry and other areas? Why are the Port Harcourt, Warri, and Kaduna refineries not working?”
he asked.
SEE ALSO: Fuel Subsidy Removal: FG, Labour Meeting Ends In Deadlock As Fuel Price Hits Over N700/Litre
In another news, NLC said there’s no going back on its planned nationwide strike. The strike is to kick off on Wednesday.
It said the only reason it would shelve the strike is when the Federal Government and the Nigeria National Petroleum Corporation Limited, NNPCL, did the needful by returning to status quo on the fuel subsidy removal issue.
NLC declared the position in a statement by Benson Upah, Head of Information and Public Affairs on Sunday.
The workers’ body was reacting to a story in a national newspaper on Sunday.
It described the report as laughable and desperate attempt by enemies of the people to polarise Nigeria Labour Congress along ethnic or regional lines on an issue with a national spread.
ALSO SEE: Fuel Subsidy: NLC To Embark On Nationwide Strike From Wednesday
According to Upah,
“This scenario only plays in their imagination as Nigeria Labour Congress continues to be the biggest pan-Nigerian organisation united by a common vision/ mission and shared national values.
“On the looming strike, we want to assure that all the affiliate unions of the Congress stand together with an unshakeable resolve to prosecute, come Wednesday, except the NNPC and Government do the needful.
“Whereas, primordial sentiments such as religion, region or ethnicity may be refuge for some, at the Nigeria Labour Congress, they have no place. What counts for us are issues such as the mindless and criminal increase in the pump price of PMS whose burden will be borne by the already impoverished communities of the poor across Nigeria.”
NLC said the burden of the malevolent policy would not be borne by other segments of the country to the exclusion of the North or South-West, hence, there is no reason for those regions to back out of the strike.