The Nigeria Labour Congress (NLC) yesterday called for an immediate reversal of the recent increase in petrol prices nationwide.
NLC Chairman Joe Ajaero said the labour movement feels betrayed by the Federal Government over the new increase in petrol prices.
While the Nigerian National Petroleum Company (NNPCL) has not announced any official price increase, its branches and other major petrol stations across the country yesterday revised the price of petrol at their pumps.
In Lagos, NNPCL petrol stations revised the price from N568 to N855 per litre, in Kano N902, and in Abuja from N617 to N887.
This comes two days after the NNPCL notified the public about its $6 billion debt and financial burden to importers. He recalled that President Bola Ahmed Tinubu had told the organized labour, in the minimum wage negotiations to negotiate N250,000 and increase fuel prices or agree to N70,000 and leave fuel prices unchanged.
“But here we are, barely one month after and with the government yet to commence payment of the new national minimum wage, confronted by a reality we cannot explain. It is both traumatic and nightmarish.
“Yet, when we told the government that its approach to resolving the fuel subsidy contradictions was patently faulty and would not last, its front-row cheerleaders sneered at us, saying we did not understand basic economics.
“But if truth be told, this act of betrayal is consistent with the character of this government. We recall the assurances we were given by the leadership of the National Assembly on the 250% tariff hike, that it had been dealt with and there was no need to openly engage the Minister of Power who was at that meeting.
“Instead of the promised reversal, the rate has since been jacked up further putting more Nigerians and businesses in jeopardy. The combined effects of government’s ferocious right-wing market policies brought Nigerians and Nigeria to their all-time low and led to the End-Hunger/End Bad Governance protests,” Ajaero said.
He said the relevant organs of the NLC will meet and take the relevant decision, which will be made public.
He further added, “We insist that the government cannot criminalize protests or basic rights in the domain of the citizenry.”
He further explained that the union is demanding, among other things, the immediate release of all “detainees” charged with participating in recent protests, an end to indiscriminate arrests and detentions of citizens on trumped-up charges, and the withdrawal of the detention of the 250 percent electricity tariff hike.
Ajaero alleged that since then, police and other security agencies have “rampage terrorizing the citizenry in pursuance of government’s agenda of muzzling lawful dissent”.
According to Ajaero, the government should immediately stop inciting Nigerians and call on it to cease many of the policies that have worsened hunger and insecurity in the country.
“Rather than make amends, government arrested and hounded into detention some of those who took part and some of those who had nothing to do with these protests, charging them with criminal conspiracy, subversion, treasonable felony, terrorism financing and cybercrime with an intent to overthrow the government of President Tinubu.
“That the government is on rampage in the face of stifling conditions of living is an understatement but we promise Nigerians that we at the Nigeria Labour Congress will not be cowed into submission.
“When the state and the security forces picked on us in a hybrid war, we had our suspicions. We knew they were up to something sinister and needed to distract/divert our attention or possibly frighten or weaken us before they came out with it so that we would not have a robust response”, he said.
New petrol station prices will worsen inflation – NACCIMA, NASME
The Director-General of the Nigerian Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Sola Obadimu, told journalists that the new pump price regime will worsen inflation and the cost of doing business.
“There is serious propensity to further spike inflation and the cost of doing business and the consumers’ wages are static. Even if you want to put the cost to consumers, their wages are static. And if consumers are not buying, there would be stockpiling of debts and if that happens, we might need to decapitalise and lower our production capacity. It is not good for business. It is an added burden to business.
“We are in a challenging time. We are in a period of stagflation where we have a consistent rise in inflation”, he said.
He said the only solution is to produce enough PMS locally to stabilize prices. “It’s only when we have full/sufficient domestic production that can cover local consumption (and probably export the excess to generate earnings) that we can witness stabilized prices of refined petroleum products. If we continue to be import-dependent, it will be difficult to experience stable prices in Naira terms as everything will continue to be forex rates dependent,” he added.
Professor Adebayo Adams, Lagos State Chairman of the National Association of Small and Medium Enterprises (NASME), said businesses would not thrive with the new increase in fuel prices and predicted that prices of goods and services would rise.
“We are still saying there is no food. This is becoming too much. The government doesn’t seem to understand the economy again.
“Businesses are collapsing every day. Any little money you get now you spend it on fuel and food. The country is not smiling at all. The price of things will start going up”, he said.
Nigerians across the country yesterday expressed discontent over the recent hike in petrol prices.
Three NNPCL filling stations along Ogunnusi Road, Ojodu, and New APC Secretariat Acme Road in Lagos did not distribute the product yesterday.
An NNPCL filling station in Yaba, which had adjusted its pump price from N568 to N855, had not sold any when reporters checked, but there was a long queue of cars waiting in the hope of selling PMS.
However, other major filling stations such as Mobil had adjusted their prices from N618 to N868 since Monday.
A Lagosian, Mousco Obeahon, said hopes of an improved economy had faded. “The fuel price is becoming something else and it is affecting everything generally. They went to protest and it increased,” he said.
He said transport fares had gone up by 50 percent.
Motorists in Kano city expressed anger after NNPCL filling stations in the state adjusted petrol prices to 902 naira per litre while others increased the price to 1,200 naira.
A motorist, Isah Muhammad, asked: “Where are we heading to in this country? How do we survive now? It’s very unfortunate we are witnessing this.”
A commercial driver, Hamisu Hassan, was angry that petrol stations were not selling anything despite the price hike.
In Jos, the Plateau state capital, an NNPCL petrol station near Dogon Dutse was selling petrol for 897 naira, while others were selling it for 920 and 1,000 naira. Drivers and other residents who spoke to Journalists expressed their disappointment.
In Kwara state, an NNPCL petrol station increased the price from 585 naira to 877 naira. A driver who gave his name only as Ademola lamented the new fee structure, saying it “will only worsen the masses’ situation.”
Residents in the state capital, Abuja, are now buying petrol from street vendors. Isa Mohammed Sabo, a driver at Garki II, said, “I bought a litre for N870 at the NNPCL filling station in Area II, while at the AYM Shafa station in Area III, it was sold at N880.”
Kasim Atiku, a taxi driver, said, “I bought fuel at a staggering N960 per litre from the NNPC filling station at Gwarimpa, compared to N617 previously. Non-NNPC outlets are even worse, selling at N1,100 to N1,200 per litre around Gwarinpa”.
Dangote releases petrol at an undisclosed price;
Meanwhile, the Dangote Group released petrol into the market yesterday from its 650,000 barrels per day refinery in Lagos but did not disclose at what price per litre it will sell the product.
Speaking at the refinery in Ibeju-Lekki, Lagos, Dangote Group President Aliko Dangote said the development would provide a boost to the industrial and manufacturing sector.
But when asked about the price in a live interview with Journalists, Dangote said talks with regulators were still on after the Federal Executive Council’s approval. He said the PMS would be launched within the next 48 hours subject to NNPCL approval.
“Prices are controlled by NNPC. Right now, we are focused on ensuring availability of the product, which I can guarantee,” Dangote said. He said the refinery would significantly reduce fuel imports, saving foreign exchange and helping to stabilize the naira, curb inflation, and reduce the cost of living.
He thanked Nigerians for their support and commended President Tinubu for creating an enabling environment for the successful launch of the 650,000 barrels per day refinery. “This initiative will bring much-needed stability to the naira by reducing the market’s demand for dollars by 40 percent, contributing to the stability of the exchange rate.
“This initiative will bring much-needed stability to the Naira by reducing the demand for dollars in the market by 40%, which will help stabilize the exchange rate.
“But that’s not all. It will also address issues like ’round-tripping,’ where fuel is documented but doesn’t actually enter Nigeria. With this new refinery, we will have a clear view of true consumption. We’ll be able to track every loaded truck and, as much as possible, monitor loaded ships. This will allow us to precisely determine consumption patterns, though that’s a topic for another discussion.
While showing samples of the PMS to reporters, Dangote said: “This petrol might be a bit cleaner compared to what we had before. It’s of the highest quality, ensuring that your vehicle’s engine will last longer. The quality of this fuel can match any premium standard worldwide, including those in Europe and America. No one can surpass us in terms of quality. Today is truly a celebration for us Nigerians.
“We are committed to ensuring that starting in October, there will be no need to import polypropylene. Our petrochemical plant will be fully capable of meeting all local demands”, he said.
