NLC rejects planned increase in petrol price, criticizes N5,000 payment to Nigerians

“This situation will definitely be compounded by the astronomical devaluation of the naira which currently goes for N560 to one US dollar in the parallel market.’’

The NLC president dismissed attempts to compare the price of petrol in Nigeria to other countries, which he said would be set on a faulty premise as it would be akin to comparing apples and mangoes.

The federal government had announced plans to stop payment of petrol subsidy by June 20222, which will ultimately lead to increase in the pump price of the product.

The government which is currently in negotiation with the organized labour on palliatives for Nigerian workers as a result of the increase, said that the full deregulation of the downstream oil sector is part of the measures in the newly signed Petroleum Industry Act (PIA) to attract more investments in the sector.

The Group Managing Director of NNPC, Mele Kyari, assured a few days ago that fuel subsidy removal would definitely be achieved in 2022 as it was now fully backed by law, adding that the price of the product may range between N320 and N340 per litre.

The increase in the price of petrol by over 200% is a perfect recipe for an aggravated pile of hyper-inflation and astronomical increase in the price of goods and services with more hardship to Nigerians and open a wide door to social consequences such as degeneration of the current insecurity crises.

Source: NairaMetrics

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