The Nigeria Labour Congress (NLC) and the Organised Private Sector are united in their demand for the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the announced hike in the pump prices of petrol.
The price of petrol at NNPC retail stations in Abuja went up to N1,030 from N897/litre, and in Lagos it was raised to N998/litre from N868/litre.
Other places saw price increases too, which made Nigerians mad.
The price went up for the second time this month, by about 14.8% or N133.
The latest price change means that in less than 17 months of the current administration, the price of gas has gone up by over 430% since May 29th when they took over.
Just last month, the national oil company hiked the petrol price to N897/litre from the official price of N617 per litre they used to sell in Abuja.
It came a few days after the NNPC said they were really struggling with the massive debt of $6.8bn they owed to international suppliers.
Opinion: Fuel Price Hits N1,030 Per Litre, NLC Demands Reversal
430% within 17 months. That’s huge.
I understand the increment was a result of the debt that needs to be paid. But also, I feel the masses should not be one suffering this.
Nigeria as a nation spends too much. The cost of running the governments is too high.
I knew this increment will happen when NLC was advocating for increment of minimum wage.
While it may be the right thing to do for the union to fight for the interest of the public, I knew it effects will be negative.
Rather than pushing more money out through minimum wage increment, the government should use the same money to subsidize basic needs like transportation, health and electricity.
What we need is not increment but reduction in cost. We need production not consumption.
Are there policies that can help trim this hike in petrol prices? Please share.