The Nigeria Labour Congress (NLC) has described as unacceptable, the decision of the present administration of President Bola Tinubu to further increase pump price of petroleum product from N539 to N617 per litre, saying the action would pose socio economic threat to the well-being of the people.
It asked government to reverse the decision, maintaining that the people were not happy with the unfriendly and anti people policy.
The Head of Information and Public Affairs of the congress, Benson Upah, who spoke to Daily Champion in Abuja on the new development, said the new price of the product was an indication that fuel would soon sell at N1,000 per litre.
He said “This is unacceptable as it poses a significant threat to the socio-economic well-being of the citizenry, their businesses, incomes, 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 a N1000 or more per a litre any time soon.
“We are yet to be convinced how this is helpful to the people or the economy or how it renews the hope of the people.
“We advise the government to retrace its steps from this journey. The people are not happy. If Baby Steps inflict this level of pain, we wonder what Adult Steps could do!”, .
The price of Petrol has reportedly increased to about N617 per litre. A visit to an NNPC filling station in the Central area of Abuja showed that the fuel price has now been adjusted from N539 to N617 per litre.
The immediate reason could not be ascertained but it is not unconnected to the recent projections by oil marketers that fuel price will hit N700 per litre soon.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) is yet to comment on this development as at the time of this report.
It would be recalled that, 24 hours after President Tinubu’s declaration of the removal of fuel subsidy in May, during his swearing in, the Nation’s Apex Petrol station increased the fuel price from N195 per litre to 537 per litre.
In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone.
The Federal Government claimed that the country will save close to N6.7 trillion if fuel subsidies payment is discontinued.
Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, according to Nigeria Extractive Industries Transparency Initiative.
.Queues return to Lagos filling stations, product sells for N600
However, Fuel queues have resurfaced within Lagos metropolis, due to hike in the pump price of petrol by the Nigeria National Petroleum Corporation Ltd., the News Agency of Nigeria (NAN) reports.
NAN correspondent, who moved round the Lagos metropolis, observed that most filling stations have adjusted their pump price.
The correspondent also noticed that fuel is sold between N580 and N600 at most filling stations, owned by both major and independent marketers.
The hike in price of petrol is sequel to the increase in ex-depot price of petrol from N446.57 per liter to N580 per liter.
However, the situation has triggered panic buying as motorists raced to filling stations to buy petrol.
There were also queues at Mobil Filling Station on Ikorodu Road, TotalEnergies at Mobolaji Bank-Anthony, Amuf Filling Station at Bariga and Conoil in Ikorodu. while there were vehicles on a long stretch within and outside most of the facilities.
A visit to Northwest Station in Gbagada showed N570 per litre, Mobil at Anthony, N580, Amuf in Palmgrove, N558 and Conoil in Ikeja, N590.
Also, some of the NNPCL retail outlets monitored were selling at N600 per litre.
Consequently, the development led to queues extending to major roads from those facilities, compounding traffic woe.
