Journalism in the service of society

New fuel pump price unacceptable to Nigerians – NLC

THE Nigeria Labour Congress (NLC) has said that the new pump price of petrol by the Nigerian National Petroleum Company Limited (NNPCL) remains unaccepted to Nigerians.

Spokesperson of the Congress, Comrade Benson Upah stated this yesterday, following NNPCL release of the new pump price of Premium Motor Spirit (PMS) also known as Petrol from N488 to N617.

According to Upah, the increase poses a significant threat to the socio-economic well-being of the citizenry, their businesses, incomes and livelihood.

He said the apex labour union is yet to be convinced on how the development is helpful to the people or the economy, or how it renews the hope of the people. He, therefore, called on the federal government to retrace its steps from the journey of possibly driving fuel towards N1,000 per litre.

“This increment is unacceptable to us at the Congress because it poses a significant threat to the socio-economic well-being of the citizenry, their businesses, incomes, livelihood, everything!

“We had said earlier that no reasonable government acting reasonably, leaves its national currency entirely to the storms of the Market as this could lead to unintended consequences.

“The new pump price is suggestive of the fact that the pump price could rise to N1000 or more per a litre any time soon. It makes planning difficult and life uncertain.

“We advise the government to retrace its steps from this journey. The people are not happy. Their calmness should not be taken for granted,” Upah stated. 

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN), has explained the reason for the sudden hike in the pump price of petroleum products across the country.

IPMAN National President, Chinedu Okoronkwo, blamed the sudden hike on the rising foreign exchange (forex) rate. He explained that petroleum products are imported into the country using dollars, hence the increase.

Speaking on Arise Television, Okoronkwo advocated the use of Compressed Natural Gas, (CNG), as an alternative to petrol.

He said, “This business is done with dollars. Remember the rate of dollars now is in one window and not like we had several others, where CBN will give around N400 while the black market will be around the region of N700 but now there is no more second window.

“Today the dollar is around N800 and in a deregulated regime, what determines the price of anything is the cost. The product is not refined here, everything is imported.

 “If we want to achieve something, there are other alternatives we have proffered. The CNG is something this nation needs to seriously look into; so it would be a matter of choice if you want to use gas or petrol.

 “The price has really gone up because of the fundamentals in the market which has to do with the dollars,” the IPMAN President added. 

 The NNPC on Tuesday, jolted Nigerians with the announcement of increase in the pump price of petrol to N617 per litre.

Comments are closed.

Naija Times