The Labour leader warned that the increase would deepen poverty, further depress industrial productivity, and increase job losses.
The Nigerian Labour Congress (NLC) has asked the Nigerian government to reverse the latest increase in petrol prices.
In a statement on Wednesday, the NLC President, Joe Ajaero, said the hike had worsened poverty across the country and offered no tangible benefits to the economy.
PREMIUM TIMES reported that petrol prices surged to N1,030 per litre at NNPCL outlets in Abuja, the nation's capital, while stations in Lagos were selling the commodity at N998 per litre.
The abrupt rise came after the NNPCL withdrew from its exclusive role as the sole petrol buyer from the Dangote Refinery, which had been central to the government's pricing strategy.
Mr Ajaero said the congress was dismayed by the latest price regime, adding that "It looks like the only thing this government is known for is an increase in the pump price of petrol without the commensurate capacity of Nigerians or mitigatory measures."
He warned that the increment would further deepen poverty as production capacities dip and more jobs will be lost with multidimensional adverse effects.
Thereafter, he asked the government to reverse the price hike immediately.
"In light of this, we urge the government to immediately reverse this rate hike as previous increase did not produce any good results. People only got poorer," Mr Ajaero said.
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Read the full statement
Press Statement
09/10/2024
WHAT NEXT AFTER INCREASE IN PUMP PRICE?
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.
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 an 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.
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.
But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.
Comrade Joe Ajaero
President
