By Cross Udo, Abuja
The price of petrol has officially surged to N1,030 per litre in the Federal Capital Territory and N998 in Lagos, marking a significant increase that has sparked widespread concern by the Labour union.
This latest development follows the Nigerian National Petroleum Company Limited’s (NNPCL) adjustment, which has added further pressure to an already strained economy.
Fuel is a critical driver of daily activities, so the steep rise is expected to affect transportation, goods, and services, compounding the difficulties many Nigerians are already facing.
Retail outlets owned by the NNPCL immediately adjusted the pump price of petrol yesterday.
In Lagos, many NNPCL outlets sold a litre of the essential commodity for N998, about N150 higher than the initial price of N855.
In response, the Nigeria Labour Congress (NLC) has warned that this price hike will lead to severe poverty and massive job losses, exacerbating the country’s economic crisis.
The labour union criticised the move, highlighting its potential to push more citizens below the poverty line and lead to social unrest.
As Nigerians brace for the economic fallout, the NLC has called on the government to urgently address the deepening hardship caused by the rising cost of living.
Long snake-like queues were seen at NNPCL outlets at Mobolaji Bank Anthony Way, Ikeja, Alfred Rewane Avenue, in Ikoyi, Akowonjo Road in Egbeda, and others around the axis as the sudden increase set motorists and transporters in panic-buying mode.
Many filling stations not owned by the NNPCL immediately followed suit as they also incrementally adjusted their pump prices, with many selling as high as N1,050 in many parts of Lagos.
In Abuja, the situation was similar as the product had risen from N897 to N1,030.
The fresh increase followed the NNPCL’s September 2, 2024, increase. The retail company had hiked the price per litre of petrol from N568 to N855, sparking outrage.
Since the “Subsidy is gone” presidential declaration in May 2023, the NNPCL has gradually increased the petrol pump prices in Lagos to N998.
Though the NNPCL has not officially stated its position on the latest increase in petrol prices, it hinted at a fresh increase when it began loading its first batch of petrol from the Dangote Refinery in mid-September.
*NLC’s reaction
Meanwhile, the NLC has said that the latest increase in the pump price of petrol will further deepen poverty as production capacities dip.
The Congress added that the increase would lead to more job losses with multidimensional negative effects and, therefore, demanded its immediate reversal.
The union’s position was contained in a statement yesterday by its President, Mr Joe Ajaero, in Abuja, titled, “What next after an increase in pump price?”
The labour leader said the previous increases had not produced good results; people only got poorer.
He said the Congress was dismayed by the latest increase in the petrol pump price without a commensurate rise in Nigerians’ capacity or mitigation measures.
The NLC immediately rejected the new increase in petrol pump price and called for an immediate reversal.
The statement read, “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 increasing the pump price of petrol without the proportional capacity of Nigerians or mitigation measures.
“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is 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 inclusive economic growth and national development instead of this spasmodic ad-hocism and palliative policy.
“It needs no stating that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time when they were reluctantly coming to terms with their new realities.
“It will further deepen poverty as production capacities dip, and more jobs will be lost with multidimensional adverse effects. In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce good results.
“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.”
