The leadership of the Nigeria Labour Congress (NLC) on Wednesday criticized the federal government for the recent hike in the price of Premium Motor Spirit, commonly known as petrol.
The NLC called for an immediate reversal of the price increase, arguing that it is unreasonable for a private company to dictate the prices of such essential products.
The Nigerian National Petroleum Company Limited (NNPCL) announced a new increase in fuel prices, raising the cost from N898 to over N1030.
Reacting to the development, NLC President Joe Ajaero expressed concern over the continuous rise in fuel prices, pointing out that this comes despite the non-implementation of a new minimum wage.
“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 increasing the pump price of petrol without any corresponding measures to ease the burden on Nigerians,” Ajaero 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,” he added.
Ajaero urged the government to rethink its approach and offer a comprehensive plan for inclusive economic growth, rather than relying on sporadic policies and palliative measures.
“The latest increase has drastically affected the livelihoods of Nigerians, further deepening poverty as production capacities shrink, jobs are lost, and the negative effects multiply. We call on the government to reverse this price hike immediately, as previous increases have only worsened the situation,” Ajaero said.
He also challenged the government to be transparent about its long-term plans for the country’s economy.
