Home NEWSHOLE TOP NEWS Labour Rejects ₦340 Price Per Litre Of Petrol

Labour Rejects ₦340 Price Per Litre Of Petrol


Organised Labour on Wednesday rejected the proposed hike in pump price of fuel to ₦340 per litre next year.

It warned that an increase in the price of petrol will lead to hyper-inflation and an astronomical rise in the cost of goods and services.

Also, the workers said talks over petrol subsidy with the government has yet to be concluded.

The Nigeria Labour Congress (NLC), in a statement by its President, Ayuba Wabba, restated its rejection of deregulation based on an import-driven model.

Nigerian National Petroleum Company Limited (NNPCL) Group Managing Director/Chief Executive Officer Mele Kyari said on Tuesday that petrol will sell between ₦320 and ₦340 per litre from February.

He said Nigeria would be out of the subsidy regime in the first quarter of 2022, but that the Federal Government plans to give ₦5,000 each to 40 million citizens to cushion the effects.

The NLC described the plan as “comical”, saying the amount involved in the “queer initiative” exceeds what is spent on fuel subsidy.

Also, on Wednesday the Senate said there was no budgetary provision for such palliative intervention.

Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Federal Government has not taken a final decision on ₦5,000 disbursement.

Labour urged the Federal Government to fix the four refineries and make them work.

The statement reads in part: “The response of the Nigeria Labour Congress is that what are hearing is the conversation of the Federal government with neo-liberal international monetary institutions.

“The conversation between the government and the people of Nigeria, especially workers under the auspices of the trade union movement on matter of fuel subsidy, was adjourned sine die so many months ago.

“Given the nationwide panic that has trailed the disclosure of the monologue within the corridors of government and foreign interests, the Nigeria Labour Congress wishes to posit that it continues to maintain its rejection of deregulation based on import driven model.

“It is difficult to convince Nigerian workers why our dear country is the only country among the OPEC member countries that cannot produce its own refined petroleum products and thus adopts the neo-liberal import production model of refined petroleum products.

“We wish to reiterate our persuasion that the only benefit of deregulation based on the import-driven model is that Nigerian consumers will infinitely continue to pay high prices for refined petroleum products.”


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