By Dada Ahmed
The Nigeria Labour Congress(NLC) has rejected the increase in Premium Motor Spirit (PMS), also known as petrol from N148. 50 per litre to N151.56 per litre.
The President of the congress, Mr. Ayuba Wabba stated this while reacting to the increase, while speaking with newsmen in Abuja on Wednesday.
The Reporters, an online publication recalls that the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) announced the price increase in a statement on September 1.
The organization added that the new product price adjustment would takesl effect from Sept. 2.
The nation had earlier on Aug. 5, witnessed the price of petrol from N143.50 to N148.50 per litre.
Our correspondent,who visited some filling stations in Lokoja capital of kogi state on Thursday, reports that many of the stations have adjusted their pumps to reflect the new price.
The NLC boss expressed shock over the development, adding that it came at a period that many Nigerians wee experiencing very peculiar and precarious times.
“It is like Nigerians are being taken for a ride, the increase in price of petroleum is like adding salt to injury.
“The increase in price of petroleum has happened now more than three times in three months, only yesterday, they hiked the tariff of electricity,”
“The organised labour, therefore, rejects the increase in price of the product in the strongest terms,”he said.
The NLC president said that to compound the issue, the CBN also reduced the interest rate of savings which affects mostly the poor and the vulnerable.
According to him, at the end of the day, Nigerians are becoming poorer and poorer, noting that in fact, many people and workers are already on the edge.
Many people that spoke with The Reporters on the issue in Lokoja, called on the Federal government to take a second look at the hike of the product, in view of its negative effect on their social and economic life.
“Look at this, transporters have increased their fares, this has translated to a corresponding hike in the process of food stuffs in the market, not to talk of other essential social and economic services.
“Many motorists told the online publication that had packed their cars and resorted patronising commercial transport due to the hike in fuel price.
“The Federal government should please reason with us, in the interest of the pangs of the current economic reality on us and reduce the fuel price,” Miss Agnes Umar, an unemployed graduate said.
The Reporters’ Correspondent who also visited Lokoja old and international market reports that prices of goods and services have added increased price tags, a development sellers attributed to the hike in fuel price with the attendant inflationary pressure on the economy.
Economic experts who also spoke on the development expressed the fear that the nation might yet see the end of the inflationary pressure on the economy.
The said the problem would be more feasible by the time the world recovers from COVID-19 pandemic.
According to them, as the Coronavrus gradually wind down,the social and economic activities spring back attracting increase demand for oil.
This they argued with shoot the price of oil at the international market up which would necessitate further hike in the price of fuel in the country.
They, therefore, called for the timely passage of the Petroleum Industry Bill (PIB) and its assent by the president as the viable alternative, to easy the steam caused by the hike in the price of fuel and its sour effects on the social and economic life of the people, particularly the masses.
