NLC Demands Reversal of Petrol Price Hike

iexclusivenews – The Nigeria Labour Congress (NLC) has urgently called for an immediate reversal of the recent petrol price hike, describing it as an aberration in a so-called deregulated sector. The NLC highlights that the Nigerian National Petroleum Corporation Limited (NNPCL) should not be fixing fuel prices, especially in a market governed by market forces.

NLC Demands Immediate Reversal of Petrol Price Hike

In a statement by its President, Joe Ajaero, the NLC expressed dismay over the latest petrol price hike. Ajaero emphasized that the federal government led by President Bola Tinubu should reverse the hike immediately, as previous increases have not yielded any positive outcomes. He criticized the NNPCL’s role in setting prices, which contradicts the principles of a deregulated market.

The NLC’s statement, titled “What Next After Increase in Pump Price?” highlights their deep concerns. “We are dismayed by the latest increase in the pump price of petrol. It seems this government is known only for increasing petrol prices without considering Nigerians’ capacity or providing mitigatory measures,” the statement reads.

Ajaero further criticized the NNPCL’s monopoly, stating, “Following the logic of market forces, it is an aberration that a private company (NNPCL) is fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to present a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.”

The NLC pointed out the negative impact of the petrol price hike on Nigerians. “The latest increase has grossly altered Nigerians’ calculations once again, at a time they were reluctantly coming to terms with their new realities. This will deepen poverty as production capacities dip, and more jobs are lost, with multidimensional negative effects,” the statement noted.

In light of these concerns, the NLC urged the government to reverse the rate hike immediately. “We urge the government to reverse this rate hike, as previous increases did not produce good results. People only got poorer. More fundamentally, the government should tell Nigerians in advance the destination it wants to take the country,” Ajaero concluded.

The NLC’s demand for a reversal of the petrol price hike underscores broader issues of economic management and governance in Nigeria. As the country grapples with the implications of the price increase, the call for a more transparent and inclusive approach to economic policy is critical.