FG to Increase Fuel Price to N750/Litre? NLC Speaks
- The Nigeria Labour Congress (NLC) has strongly opposed the World Bank’s recommendation on petrol price
- The bank had told the federal government to end petrol subsidies and raise pump prices to N750 per litre
- Reacting, the NLC slammed the World Bank as a “predatory institution” that is not concerned about the welfare of Nigerians
Legit.ng journalist Ridwan Adeola Yusuf has over 9-year-experience covering public journalism
FCT, Abuja - The Nigeria Labour Congress (NLC) has asked the federal government not to follow the advice of the World Bank to increase the pump price of petrol, also known as premium motor spirit (PMS) to N750/litre.
Legit.ng reports that the current rate of petrol is between N620 and N650/litre in most locations across the country.
Source: Twitter
Fuel price: 'Reject World Bank's proposal' - NLC
Benson Upah, the NLC’s head of information, told The Punch that any further increase in the price of petrol would lead to anarchy in Nigeria.
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The NLC official therefore called on the Bola Tinubu-led administration to reject the proposal of the World Bank
Upah described the World Bank as a predatory institution.
He said:
“The World Bank is globalist north in thoughts and actions and has little or no consideration for the global south. It is a predatory institution that the global north uses to justify its crimes against the south.
“The truth, however, remains that the present regime of the pump price of PMS has all but destroyed the country.
"To now ask the government to raise it to N750/litre is to invite anarchy upon the land."
World Bank speaks on pump price
Earlier, Legit.ng reported that the World Bank hinted that the Bola Tinubu-led administration has partially reintroduced petrol subsidy payments.
According to Alex Sienaert, the global bank's lead economist for Nigeria, the current petrol price in Nigeria at 650 does not reflect a subsidy-free regime.
He made this known during his presentation of the Nigeria development update report, the December 2023 edition.
Oil marketers predict new petrol price
Legit.ng also reported that stakeholders in the Downstream Petroleum sub-sector from the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have revealed that the prevailing challenges in the oil sector would end when the Port Harcourt refinery begins operation next month.
NOGASA's national president and chairman, Board of Trustees (BoT), Kenneth Korie, and PETROAN President, Billy Harry, stated this after the inauguration of the Akwa Ibom chapters of the two bodies.
How FG can reduce petrol cost
In another related news, Legit.ng reported that oil marketers suggested that blending ethanol with petrol can significantly reduce the cost of petrol nationwide, potentially lowering it by N49 per litre.
After the FG's decision to eliminate the fuel subsidy in May 2023, the cost of petrol has experienced at least two significant fluctuations.
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Source: Legit.ng
