The Nigeria Labour Congress (NLC) has condemned the latest hike in the pump price of petrol, calling for its immediate reversal.
The development followed the announcement of the new pump price of premium motor spirit (PMS), commonly known as petrol, which has surpassed N1,000 across filling stations on Wednesday.
In a statement on Wednesday evening, NLC President, Comrade Joe Ajaero, criticised the federal government's decision to raise fuel prices yet again without providing adequate relief measures for struggling Nigerians.
The NLC also picked holes in the role of the Nigerian National Petroleum Company Limited (NNPCL), accusing the oil company of acting as a monopoly that dictates fuel prices, contrary to principles of a competitive market.
Ajaero urged the government to develop a clear and long-term economic strategy instead of relying on "ad-hoc" solutions and palliative measures.
The labour leader warned that the latest price increase would exacerbate the country's poverty levels, shrinking production capacities and leading to more job losses.
Ajaero emphasised that the government must communicate its economic goals clearly to the public, rather than imposing sudden and disruptive measures.
The statement reads "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.
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"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," NLC stated.
