The Nigeria Labour Congress (NLC) has condemned the recent increase in petrol pump prices, warning that it will exacerbate poverty and negatively impact production capacities across the country. In a statement issued on Wednesday in Abuja, NLC President Joe Ajaero expressed concern that the hike would lead to further job losses and have multidimensional adverse effects on the economy.
The NLC’s statement, titled “What next after increase in pump price?”, highlighted that previous increases had not yielded positive outcomes, resulting instead in greater impoverishment for the populace. Ajaero criticized the latest price adjustment, stating that it lacked consideration for the capacity of Nigerians to cope and failed to provide any mitigating measures.
He pointed out that the market forces argument is flawed, as it is troubling that a private entity, the Nigerian National Petroleum Company Limited (NNPCL), is setting fuel prices and operating as a monopoly. Ajaero challenged the government to create a comprehensive plan for inclusive economic growth and national development instead of relying on temporary palliative measures.
The NLC’s statement follows NNPCL’s announcement of a 14.8% increase in petrol prices, raising the cost from ₦897 to ₦1,030 per litre across its retail outlets in the Federal Capital Territory. The labour organization is calling for the immediate reversal of the price hike to alleviate the financial burden on Nigerians.