The Nigeria Labour Congress (NLC) demands an immediate reversal of the recent petrol price hike, citing betrayal by the federal government. Prices have surged nationwide, worsening inflation and increasing costs for businesses. Fuel shortages are reported, with residents turning to black market vendors. Dangote's new refinery begins operations amid the crisis.
On Tuesday, the Nigeria Labour Congress (NLC) called for an immediate reversal of the recent petrol price increase, expressing deep discontent with the federal government’s decision. NLC President Joe Ajaero criticized the sudden hike, which has seen petrol prices at Lagos stations rise to N855 per litre from N568, and in Abuja to N887 from N617. Ajaero described the move as a betrayal and a severe blow to workers, pointing out that the government’s economic policies are exacerbating the difficulties faced by Nigerians.
Although the Nigerian National Petroleum Company Limited (NNPCL) has not officially announced the price change, many filling stations have adjusted their prices, leading to widespread public frustration. This increase follows a recent disclosure by NNPCL about its significant financial difficulties and $6 billion debt.
The Nigerian Chamber of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the National Association of Small and Medium Enterprises (NASME) have both warned that the price hike will worsen inflation and impose additional burdens on businesses. They argue that the hike will drive up operational costs and further strain consumers, who are already struggling with stagnant wages and rising living costs.
In response to the crisis, fuel shortages have led residents in Abuja to turn to black market vendors, where prices have reached up to N1,200 per litre. Meanwhile, the Dangote Group has commenced petrol distribution from its new refinery, promising to stabilize the market and reduce dependency on imports, though detailed pricing is still pending.
