Business Nigeria: NLC Reacts to Hike of Petrol Pump Price to N145/Litre

[LequteMan]

The Nigeria Labour Congress, NLC, in a statement released on Wednesday has vowed to resist the federal government’s scrapping of fuel subsidy and increase of petrol price to about N145 per litre.

Related: Fuel Now N145, Petroleum Minister Kachikwu Confirms

“The unilateral increase in prices of petroleum products today by government represents the height of insensitivity and impunity and shall be resisted by the Nigeria Labour Congress and its civil society allies,” the congress said, through a statement by its General Secretary, Peter Ozo-Eson.

The statement added, “With the imposition on the citizenry of criminal and unjustifiable electricity tariff and resultant darkness and other economic challenges brought on by the devaluation of the Naira and spiraling inflation, the least one had expected at this point in time was another policy measure that would further make life more miserable for the ordinary Nigerian

“The latest increase is the most audacious and cruel in the history of product price increase as It represents not only about 80 per cent increase but it is tied to the black market exchange rate.

“Further more, the process through which government arrived at this is both illogical and illegal as the board of the PPPRA is not duly constituted. In our previous statements and communiques, we had stressed the need for reconstituting the boards of NNPC and PPPRA and wean both away from the overbearing influence of the Minister of State for Petroleum Resources who has assumed the role of a Sole Administrator.

“The allusion to the fact that the this increase was arrived at after due consultation with stake holders is not only ridiculous and fallacious, it goes to show that the brief meeting held today during which government was advised shelve the idea until at least it meets with the appropriate organs of the Congress was in bad faith.

“Accordingly, we urge the government to revert the prices to what they were. We would want to put everybody on notice that we shall resist this criminal increase with every means legitimate.

“Already an emergency NEC meeting has been scheduled for Friday, May 13, 2016 to decide on the next line of action. Meanwhile, our affiliates, state councils and civil society allies are requested to commence mobilization immediately.”

 

[Albert Alagbor]

Adams Oshomole, Fashola,Tinibu are only celebrating today. They are not longer sponsoring groups to protest as they did during GEJ. What is the plan with the subsidy? Good help minorities in this country

 

[Sitaiwo]

Labour should not push us into another suffering. In the last few months, how many people bought PMS at the regulated price? We have been buying between N150-N250 per litre. If this deregulation will ensure availability like it did to diesel (AGO), then let it be. I know that the reason why private investors doesn't want to build refineries is because of regulation. Which reasonable investor will want to produce a capital intensive product where the price is regulated? Labour too should have thought it fit to establish their own refineries. If business is easy, where is Labour Transport Company buses?

 

[LequteMan]

@Sitaiwo, you're apt and adroit.

 

[ijeoma onyeke]

It is on record that on May 2 this year, the federal government, in the Petroleum Product Pricing Regulatory Agency (PPPRA) Template released in Abuja, told Nigerians that it was subsidising petrol at N12.62 per litre.

“If as at May 2, petrol was being subsidised at N12.62 per litre, and now that the subsidy of N12.62 has been removed, what ought to have been added to the N86.50 pump price should be N12.62, which would have increased pump price to N99.12 per litre.

“Increasing petrol pump price by N58.50 when the federal government claimed it was subsidising the product at N12.62 per litre is clear political 419, which is aimed at further impoverishing Nigerians as the government will be making profit of N45.88 on each litre of petrol bought by Nigerians.

How can any government with human feelings attempt to make profit of N45.88 per litre on Nigerians, who are no longer getting their salaries regularly? How can Buhari and his party impose another N45.88 per litre levy on Nigerians who are already facing severe hardship? This is wickedness!

In 2012 when the Peoples Democratic Party (PDP) government of Dr Goodluck Jonathan removed fuel subsidy and increased petrol price to N141 per litre, crude oil was selling at $111 per barrel. How then can petrol price be increased to N145 per litre when crude oil is now selling at $40 per barrel