BREAKING: N935/Litre Petrol: NLC Speaks on New Fuel Price, Makes Fresh Demand

12 hours ago 3

The Nigeria Labour Congress (NLC) and Civil Society Organisations have called for further reduction in the pump price of Premium Motor Spirit (petrol).

The labour union and the CSOs insisted that the recent drop in price to N935 per litre is not satisfactory.

N935/litre petrol: NLC, CSOs demand further drop

Recall that Dangote Petroleum Refinery, in partnership with MRS, reduced the petrol price to N935 per litre, following an agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN), replacing the previous price of over N1,030 per litre in Lagos and more than N1,060 per litre in Abuja and the northern states.

Not stopping there, to provide Nigerians much-needed respite, Dangote Refinery lowered the price of PMS to N899.50k per litre in what it called a Holiday Bonanza.

In a swift reaction to the development, Chris Onyeka, a senior official of the NLC, condemned the federal government and the Nigerian National Petroleum Company Limited (NNPCL)’s current petrol pricing mechanism.

He argued that the current pricing mechanism does not reflect the true cost of the commodity, despite Nigeria’s refining capacity.

Onyeka, in an interview with The Punch on Tuesday, December 24, stressed that the true price should reflect domestic refining costs rather than reliance on imported products.

Speaking further, Onyeka added that the only way to ascertain the correct price of PMS is by determining the actual cost of refining it domestically.

“Products are refined in Nigeria, yet the price you give Nigerians is based on imported products. Why should we applaud that? It is akin to someone stealing your money and returning only part of it, then expecting you to clap. We cannot applaud this,” he stated.