NLC Demands Action as Petrol Prices Hit N1,400/Litre

The Nigerian Labour Congress (NLC) has called for urgent government intervention as petrol prices have surged to N1,400 per litre across various regions in Nigeria, raising fears of worsening inflation and potential job losses. This price increase follows a series of hikes by Dangote Petroleum Refinery, which recently raised its ex-depot price to N1,275 per litre, marking the fifth increase in March alone.

The NLC's Assistant Secretary General, Onyeka Chris, highlighted the monopolistic control in the downstream petroleum sector, questioning why Nigerian-made cement is reportedly more expensive than in neighboring countries like Ghana and Rwanda. The NLC emphasized that the current market operates as a seller's market, with dominant players controlling prices.

Benson Upah, another NLC official, warned that Nigeria's economic vulnerability is amplified by geopolitical tensions in the Middle East, which could lead to further price shocks. The NLC is advocating for immediate relief measures, including tax incentives and temporary subsidies, while cautioning against price caps as a long-term solution.