NLC REJECTS PETROL PRICE INCREASE

The Nigeria Labour Congress has rejected the latest increase in petrol prices, describing the development as unnecessary and unacceptable.

The NLC’s Acting General Secretary, Benson Upah, said the increase would further worsen the financial pressure on workers and low-income Nigerians already dealing with high transportation and food costs.

His reaction followed another increase in the petrol price by the Dangote Petroleum Refinery. The refinery raised its gantry price from N1,200 to N1,265 per litre, marking its third adjustment in eight days.

The three increases have added N100 to the refinery’s petrol price, representing an 8.6 per cent rise within the period.

Following the latest adjustment, petrol prices have also risen in different parts of the country, with some areas in Lagos and Ogun selling the product for about N1,310 per litre, while prices in some northern states have reached N1,350 or more.

Upah questioned why the Federal Government had not done more to ensure that domestic refineries, particularly the Dangote refinery, receive sufficient Nigerian crude oil.

He argued that the situation was difficult to justify given Nigeria’s improving crude production and growing domestic refining capacity.

The Dangote refinery has the capacity to process about 650,000 barrels of crude oil daily, but securing adequate local crude supplies has remained a major issue.

The NLC said government should address the challenges around crude supply and domestic refining so that Nigerians can benefit from the country’s oil resources.

It warned that continued increases in petrol prices would put further pressure on transportation, businesses and household expenses.

The labour body is therefore calling for stronger measures to support domestic refining and reduce the pressure of rising fuel costs on Nigerians.