NLC calls for immediate reversal of new pump prices, says Nigerians are getting poorer

The Nigeria Labour Congress (NLC) has strongly condemned the recent fuel price increase, calling it an anomaly in a supposedly deregulated sector.

According to NLC President Joe Ajaero, the federal government, led by President Bola Tinubu, must immediately reverse the latest hike, as past increases have yielded no positive results.

The NLC argues that, in a deregulated market, it’s illogical for the Nigerian National Petroleum Company Limited (NNPCL) – a private entity – to dictate fuel prices, essentially acting as a monopoly.

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.”