The Nigeria Labour Congress (NLC) has called for an immediate reversal of the recent fuel price hike, criticising the Nigerian National Petroleum Company Limited (NNPCL) for setting prices in what is supposed to be a deregulated market.
In a statement by NLC President, Joe Ajaero, the union expressed disappointment with the government’s continued increase in petrol prices, noting that previous hikes have only worsened the economic situation for Nigerians.
The NLC argued that NNPCL, a private entity, fixing fuel prices undermines market competition and called for a clear economic blueprint from the government instead of ad hoc measures.
The statement titled “What next after increase in pump price?” reads, “We are dismayed by the latest increase in the pump price of petrol. It looks like the only thing this government is known for is the increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.
“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.
They warned that the latest price increase will further deepen poverty and harm the nation’s economy, urging the government to reverse the decision.
