‘It Will Further Deepen Poverty,’ NLC Rejects Fuel Price Hike

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Thursday, October 10th, 2024

(AFRICAN EXAMINER) – The Nigeria Labour Congress (NLC) on Wednesday rejected the new increase in petrol pump price, saying it will further deepen poverty in the country.

“It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects, NLC President, Joe Ajaero, said in a statement.

“In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good result. 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.”

Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) adjusted the pump price of petrol on Wednesday in Lagos and the Federal Capital Territory (FCT), Abuja.

In Lagos, our correspondent observed that many NNPCL outlets sold a litre of the essential commodity for ₦998, about ₦150 higher than the initial price of ₦855.

Many filling stations not owned by the NNPCL immediately followed suit as they also incrementally adjusted their pump prices, with many selling as high as ₦1050 in many parts of Lagos.

In his statement, the NLC President said the Congress is “dismayed by the latest increase in the pump price of petrol.”

To Ajaero, “It looks like the only thing this government is known for is 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 an 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.”