Nigerian labour union boss says the federal government should reverse the hike in fuel price as a litre now costs over a 1000 naira about 62 US cents
The Nigerian Labour Congress (NLC) boss Comrade Joe Ajaero has called for the immediate reversal of the hike in fuel pump price in a statement Wednesday.
The Nigerian National Petroleum Corporation Limited (NNPCL) earlier Wednesday raised the retail price of petrol to N1,030 from N897 per litre, across some of its retail outlets in the FCT. The new price, being the second increase in one month, after it earlier increased prices from N617/litre to N897/litre in September, represents a 14.8 per cent or N133 rise.
The NNPCL has not commented on the sudden increase of roughly 15 to 20 percent seen at pumps nationwide.
Comrade Joe Ajaero with microphone at last May Day’s celebration
“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 increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.” Ajaero stated in light of the not yet implemented minimum wage increase of N70,000 ($43) in some sectors.
“It needs no stating the fact 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, 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 result. People only got poorer.” The labour leader urged.
Since President Bola Tinubu assumed office in 2023, Nigeria has been dealing with triple digit inflation caused by high money supply, declining oil prices, floating of the local currency, the Naira, higher tariffs, instability in food-producing areas, deteriorating rural infrastructure and climate change.
As at June the inflation rate was 34.19% a 28 year high. The Tinubu’s administration is pursuing monetary and fiscal reforms touted as a way to revive the economy of Africa’s most populous country.
“It’s biting everybody,” said Ohaka Amaechi, a 56-year-old police driver queueing for fuel at an NNPC pump in the commercial hub Lagos. “The price isn’t good, but we don’t have a choice. People are struggling to survive.”
Before the reforms, petrol sold for less than 200 naira per litre.
“I can’t tell if Tinubu is trying to make it better,” said Emem Bob, a 24-year-old sales representative queueing for fuel in Lagos.
“Our bosses aren’t adding to our salaries, and we pay for transport every day. It will increase food prices too,” she said. “It affects everybody.”
Akowe with reports from Lagos