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    MarketForces Africa » Uncategorized » NLC Demands Reversal of New Pump Price of Petrol

    NLC Demands Reversal of New Pump Price of Petrol

    Julius AlagbeBy Julius AlagbeSeptember 4, 2024 Uncategorized No Comments3 Mins Read
    NLC Demands Reversal of New Pump Price of Petrol
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    NLC Demands Reversal of New Pump Price of Petrol

    The Nigeria Labour Congress (NLC) has called for the immediate reversal of the new price increase in pump price of petrol across the country. The Congress made the demand in a statement issued on Tuesday in Abuja by its  President, Mr Joe Ajaero and made available to newsmen.

    The Nigerian Petroleum Corporation Ltd. (NNPCL) on Tuesday morning, reportedly directed increase in its pump price of between N568 – N617 per litre to N855 – N897 per litre, depending on the area.

    Although, the company had denied issuing the directive, checks at NNPCL retail stations in Abuja reflected the new price of N897 per litre Reacting to the development, Ajaero said the Congress felt a deep sense of betrayal by the increase in the pump price of petrol.

    He recalled that, one of the reasons for accepting N70,000 as national minimum wage was the understanding that the pump price of petrol would not be increased, even as they knew that N70,000 was not sufficient.

    The labour leader recalled their meeting with President Bola Tinubu, where they were given the options of either N250,000 minimum wage and a rise of  pump price between N1,500 and N2,000 or N70,000 minimum wage and retaining pump price of N568 – N617 per litre.

    “We opted for the latter because we could not bring ourselves to accept further punishment on Nigerians.

    “But here we are, barely one month after and with government yet to commence payment of the new national minimum wage, confronted by a reality we cannot explain. It is both traumatic and nightmarish.

    “Yet, when we told government that it’s approach to resolving the fuel subsidy contradictions was patently faulty and would not last, it’s front row cheer leaders sneered at us, saying we did not understand basic economics .

    “But if truth be told, this act of betrayal is consistent,’” he said. Ajaero also recalled the assurances given to the Congress by the leadership of the National Assembly on the reversal of 250 percent electricity tariff hike.

    He said, instead of the promised reversal, the rate has since been jerked up further, putting more Nigerians and businesses in jeopardy.

    In addition to the reversal of the increased price of petrol pump price and electricity tariff, the NLC called for the release of all those incarcerated or being prosecuted for participating or purportedly participated in the recent #Endbadgovernance protest.

    Ajaero said the Congress also demanded a halt in the indiscriminate arrest and detention of citizens on trumped up charges. “The Congress demands a stop to the hijacking of the duties of the Ministry of Labour and Employment.

    “We also demand an end to policies that engender hunger and insecurity, as well as a halt to the government’s culture of terror, fear, and lying,” he said. Ajaero said in the coming days, the appropriate organs of the Congress would be meeting to take appropriate decisions, which would be made public. #NLC Demands Reversal of New Pump Price of Petrol CBN Defends Naira with $39m in Forex Market

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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