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HomeTop NewsLabour leaders to meet over 3.35% hike in petrol price by NNPC

Labour leaders to meet over 3.35% hike in petrol price by NNPC

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By Samuel Bankole

Nigeria commenced the gradual removal of fuel subsidy on Thursday as the major petrol filing station adjusted the pump price to N185 per liter.

Finance and budget minister, Zainab Ahmed told journalists at Davos the venue of the ongoing World Economic Forum (WEF) that the country will kickstart subsidy removal of fuel consumption by April this year.

Ahmed said Nigeria will keep its costly petrol subsidy until mid-2023 and has set aside N3.36 trillion to spend on it in the next six months.

Africa’s biggest economy spent N2.91 trillion towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost the government has blamed for dwindling public finances.

The price increase was announced to fuel marketers on Thursday, and the government directed that the new price take effect immediately.

A few petrol stations affiliated with the Major Marketers Association of Nigeria (MOMAN), have already adjusted their pumps to comply with the new price directive.

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One of our correspondents bought fuel at the Nigerian National Petroleum Company Limited (NNPC) mega stations in the Ojodu Berger area of Lagos at N184 per liter on Thursday evening with the queues still elongated.

However, many independent marketers filling stations are still selling at N250 per liter despite the new price adjustment by the regulator.

The development added to the anxiety of motorists who had spent hours in fuel lines looking for the product.

However, the adjustment of pump price officially took place, pushing up the prices from N179 per liter, representing 3.35 percent hike in the pump price of gasoline.

Organized labour has started reacting to the news of the increase in the price of petrol to N185 per liter, describing it as shocking as the “last kick of a dying regime.”

“It is shocking that this government has decided to add to the suffering of Nigerians in the midst of unbearable hardship occasioned by the government’s anti-policies,” said a top labour leader.

“This increase is totally rejected and unacceptable to organized labour and the entire suffering Nigerian masses. We see this increase as the last kick of a dying regime and Nigerians are not ready to die with the regime. We cannot continue on this lane. The government cannot continue to use its failures to punish Nigerians.

“We have an understanding that we are not going to talk about any of the issues until the local refineries are functioning. It is wicked, insensitive and the height of provocation.”

“We are not only going to resist the Nigerian masses, but the Nigerian workers and the ordinary Nigerians will also express their frustration at the polls. The increase has reinforced the belief that Nigerians must take our destinies into our hands.”

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