Within 24 hours of the latest hike of the price of petrol, the Nigeria Labour Congress (NLC), has demanded its immediate reversal, saying it is an aberration that the Nigerian National Petroleum Corporation (NNPC) is fixing fuel prices in a so-called deregulated sector.
The NLC said the government should immediately reverse the latest price increase as previous ones did not yield any positive results.
NLC, in a statement by its President, Joe Ajaero, argued that following the logic of market forces, it is an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.
The statement titled ‘What next after increase in pump price?’ partly 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.
“It needs no stating that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities. It will further deepen poverty as production capacities dip, and more jobs lost with multidimensional negative effects.
“In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer. But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.”
