NLC Slams NNPC Price Hike, Warns of Increased Poverty and Job Losses

The Nigeria Labour Congress (NLC) has reacted to the recent increase in the price of Premium Motor Spirit (PMS) popularly known as petrol by the Nigerian National Petroleum Company (NNPC).

The union, via a statement signed by its president, Joe Ajaero, on Wednesday, revealed that the increase will further deepen poverty in the country, reduce production capacities, and render many people jobless.

The NLC president asked why NNPC, a private company, is fixing the price of petrol, a move he described as ‘a hegemonic monopoly’.

Ajaero called for the intervention of the Federal Government, adding that the government should present a roadmap for inclusive economic growth and national development.

Furthermore, the NLC called for the immediate reversal of the price increase.

He said “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 are 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.”

Investors King reported that the NNPC officially announced an increase in the ex-depot price of fuel.

This latest development was detailed in a new price list by the NNPC on Wednesday, October 9.

While the ex-depot price in Lagos stands at ₦1,010 per litre, marketers in Port Harcourt will buy at ₦1,045 and in Calabar is now set at ₦1,050 per litre.