• Loading stock data...

NLC Criticizes Fuel Price Hike

NLC condemns the recent fuel price hike, accusing oil marketers of exploitation, as Dangote Refinery explains adjustments
NLC Fuel Hike

he Nigeria Labour Congress (NLC) has expressed strong dissatisfaction with the recent hike in pump prices of fuel, commonly known as petrol, describing the move as a display of insensitivity toward the plight of Nigerians. Senior officials of the NLC voiced these concerns on Sunday, attributing the hike to rising crude oil prices, while oil marketers denied responsibility for the increase.

Fuel prices surged to between N1,050 and N1,150 per litre last week, following adjustments by the Dangote Petroleum Refinery and depot owners. Dealers have warned that prices may continue to rise as global crude oil costs, a major factor in fuel production, remain high.

Labour Criticism and Call for Inclusivity

Deputy President of the NLC Political Commission, Prof. Theophilus Ndubuaku, criticized the government for its unilateral decision-making process, highlighting the lack of consultation with stakeholders such as workers, private sector representatives, and students. Ndubuaku pointed out that the current economic situation, exacerbated by the fuel price hike, has led to inflation, rising transportation costs, and depreciation of the naira.

“This pump price hike will not only affect foodstuff and fares; it will worsen inflation. In saner climes, stakeholders would have been consulted before implementing such decisions. This lack of inclusivity breeds frustration among the masses,” Ndubuaku stated.

He also emphasized the importance of transparency, citing past administrations that regularly held roundtable discussions to involve stakeholders in decisions impacting workers’ welfare.

Lagos State NLC Chairperson, Sessi Funmi, accused oil marketers of exploiting Nigerians through unethical pricing practices. She alleged that marketers were manipulating prices to maximize profits, despite the government’s efforts to stabilize the downstream oil sector.

“Marketers are enemies of the masses. They exploit every opportunity to hike prices, blaming crude oil costs when they only buy the finished product. Nigerians cannot continue to suffer because of their greed,” she said.

Sessi praised President Bola Tinubu’s administration for reviving the refineries in Port Harcourt and Warri, which she believes will lead to more stable fuel prices. She urged the government to adopt a direct supply model, similar to Dangote Refinery, to eliminate middlemen and ensure fair pricing.

Dangote Refinery’s Response

The Dangote Petroleum Refinery has clarified that the price hike was a result of increased global crude oil prices, not operational inefficiencies. In a statement, the refinery explained that it had absorbed 50% of the cost increase to mitigate the impact on consumers.

“Our ex-depot price adjustment from N899.50 to N950 per litre reflects the rise in crude oil prices, but it remains significantly lower than the 15% global increase. We have maintained a uniform retail price of N970 per litre across the country by absorbing logistics costs,” said Anthony Chiejina, Dangote Group spokesman.

The refinery assured Nigerians of its commitment to quality and affordability, emphasizing its goal to stabilize fuel supply and pricing across the nation.

As Nigerians grapple with the implications of the fuel price hike, calls for greater transparency, stakeholder engagement, and long-term solutions to reduce reliance on imported fuel have grown louder. The debate underscores the delicate balance between economic realities and public welfare.

Stay tuned to 9am News Nigeria for more Breaking News, Business NewsSports updates And Entertainment Gists.

Trending

Trending

Kai Havertz Reportedly Ruled Out for the Season Through injury
Nottingham Forest Boss Backs Awoniyi, Express Confidence In The Forward
TikTok influencer Peller Reveals He Makes ₦20 Million Weekly
Marcelo Has Announced His Retirement From Professional Football.
Scroll to Top