The Federal Government says it has no hand in the recent increase in fuel prices, and credited it to the Nigerian National Petroleum Company Limited’s (NNPCL) decision to raise prices in response to prevailing market conditions.
But President of the Nigeria Labour Congress (NLC), Joe Ajaero, on Wednesday asked the Federal Government to reverse the latest petrol price hike.
Wednesday, yesterday, saw fuel prices jump from N897 to N1,030 in Abuja, N855 to N998 in Lagos, at NNPC-franchised outlets.
According to NNPCL’s new price template, the new pump price of the product has been taken from:
- N855 to N998 in Lagos;
- N897 per litre to N1, 030 in Abuja;
- N1,025 in other South-West states;
- N1,045 in South-East;
- N1, 070 in North-East;
- N1,075 in South-South.
In a statement, the NLC President demanded the immediate reversal of the petrol price hike, saying it is illogical that a private firm is the one determining the prices of the products.
He stated: “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 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.
“It will further deepen poverty as production capacities dip, 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 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.”
Minister of Information and National Orientation, Mohammed Idris, said the NNPCL’s decision was not influenced by the Federal Government.
According to Idris, the government had taken its hands off the levers of petroleum prices due to the Petroleum Industry Act (PIA).
Idris noted that the subsidy regime ended in May 2023, and the NNPCL had been paying differential costs to maintain prices, which the company could no longer absorb.
