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NLC Threatens Economy Shutdown Over Petrol Price Increase

The Nigeria Labour Congress (NLC) has issued a stern warning that it may proceed with an immediate shutdown of the economy without prior notice to the government if another hike in petrol pump price is implemented. The NLC President, Mr. Joe Ajaero, expressed his concerns, highlighting the detrimental impact of such a move on the already struggling population.

Furthermore, the NLC raised alarms about what it considers to be the overreach of the Inspector-General of Police (IGP) and the Federal Ministry of Justice into the Ministry of Labour and Employment’s responsibilities. The NLC accuses the IGP of taking on tasks that fall within the purview of the Ministry of Labour, particularly in addressing inter and intra-union disputes.

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In response, the Presidency conveyed President Bola Tinubu’s commitment to alleviating the country’s economic hardships. The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, clarified that the government’s role in energy pricing is limited by market dynamics and deregulation.

Oil Marketers Urge Swift Action to Address Currency Slide

Oil marketers have urged the Federal Government to urgently address the persistent depreciation of the Naira against the dollar, as it significantly impacts petrol pump prices. The President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Mr. Benneth Korie, emphasized the need for government intervention to stabilize the currency exchange rate and prevent further price increases.

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Korie highlighted the necessity of fixing the nation’s refineries to stabilize fuel prices and relieve pressure on the local currency. He also emphasized the urgent need to improve the road networks, which are affecting the cost of operations in the downstream sector.

Marketers expressed concerns over the state of the business environment, with numerous filling stations facing closure due to escalating operational costs. The declining value of the Naira has led to reduced purchasing power, affecting the quantity of fuel that can be acquired for sale by fuel marketers.

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