The latest increase in the pump price of petrol will further deepen poverty as production capacities dip, the Nigeria Labour Congress (NLC) has lamented.
In a statement signed by its President, Mr Joe Ajaero in Abuja on Wednesday, entitled, “What next after increase in pump price?” the NLC also expressed concern that the increase would lead to more job losses with multidimensional negative effects, and, therefore, demanded its immediate reversal.
The Congress contended that the previous increases had not produced any good result, other than to make people poorer.
The NLC said it was dismayed by the latest fuel price increase without commensurate capacity of Nigerians or mitigatory measures.
“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.
“We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.
“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,” he said.
The Nigerian National Petroleum Company Limited(NNPCL) had raised the pump price of petrol by 14.8 per cent to N1,030 per litre from N897 across its retail outlets in the FCT.
Earlier in September, the NNPCL had increased the price of the product from N615 to N897. (NAN)
