By Spear News Nigeria
The Nigeria Labour Congress has demanded urgent intervention from the Federal Government over the rising price of petrol, which now sells for as high as N1,500 per litre in parts of the country.
The NLC made the demand in a statement on September 15 titled “Save the Situation Now,” signed by its President, Joe Ajaero.
Ajaero said petrol was selling for about N1,430 per litre in major cities, with prices higher in less accessible areas.
He said the increase would deepen the economic hardship facing Nigerians, noting that higher transportation costs push up the prices of food, rent, school fees and other essentials.
The NLC demanded reasonable wage awards for workers, the sale of sufficient crude to local refineries in naira, and the expansion of national petroleum storage capacity.
“There is nothing wrong with government subsidising the needs of citizens, especially in emergency situations like this,” Ajaero said.
The union also expressed concern over reports that some local refineries were importing crude.
“On a long-term basis, we are equally concerned that local refineries are importing crude. This is unreasonable and unacceptable and defeats the logic and purpose of local capacity,” the statement said.
Ajaero warned that a government seeking re-election “cannot afford to stand and watch marketers inflict suffering on the citizenry in the name of deregulation.”
The price increase followed the Dangote Refinery’s decision to raise its gantry price from N1,265 to N1,350 per litre on September 12, a 6.7 per cent increase.
It was the refinery’s fourth price hike since August 21, bringing the total increase to N185 per litre, or about 15.9 per cent, in 22 days.
The increase spread to filling stations across the country. In Lagos, MRS outlets moved from N1,310 to N1,395 per litre, while Mobil sold at N1,385. In Abuja, major marketers sold above N1,400 per litre, with some stations reaching N1,430.
Brent crude crossed $100 a barrel for the first time since July as U.S. and Iranian forces traded strikes on tankers and oil infrastructure near the Strait of Hormuz.
The NLC said Nigerian crude is currently selling $35 to $40 per barrel above the benchmark used in the national budget.
“The government should be happy about this because it is a windfall,” the NLC said.
President Donald Trump said oil prices would likely not come down until after the U.S. midterms in November, predicting the war with Iran would end “shortly after” the elections.
Iran said it would end only when its conditions were met.
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