Mkpoikana Udoma
Port Harcourt — In the wake of NNPC Limited’s third fuel price hike in 2024 alone, an industry expert, Dr. Joseph Obele, has berated the Nigeria Labour Congress, NLC, and the Trade Union Congress TUC, for their inaction, asserting that the organized labour has failed to safeguard the citizens from continuous fuel price hike.
The recent fuel price adjustments by NNPC Limited have seen petroleum marketers in Port Harcourt now buying the product at N1,045 per litre from the depot, up from N876, while those in Lagos face a new rate of N1,010 per litre and Abuja N1,030 per litre.
The price increment may not be unconnected to NNPC Limited’s withdrawal from its exclusive purchasing agreement with the Dangote Refinery, leading to the removal of a subsidy that previously covered about N133 per litre.
But the former Chairman of the Independent Petroleum Marketers Association of Nigeria,
IPMAN in River State, argued that the NLC and TUC’s failure to intervene effectively has left Nigerians vulnerable to the harsh impacts of a deregulated fuel market.
Obele warned that these price increases would further fuel economic inflation, raising the costs of essential goods and services, and potentially driving up to 10,000 marketers out of business, resulting in over one million job losses.
He said, “The vulnerability of Nigerians regarding frequent increment of PMS is a clear indication of the failure of the current leadership of Nigeria Labour Congress.
“The citizens of Nigeria are defenceless and voiceless, otherwise it could have been impossible for the federal government to increase fuel price on three occasions within one year if we were speaking out as a people. It is quite unfortunate.
“The recent increment of PMS will further worsen the biting inflation in Nigeria as prices of other commodities will definitely experience upward reviews in the coming days.”
Obele highlighted the dire situation for petroleum marketers, explaining that in 2023 a truck of 45,000 litres of PMS was purchased for N7 million, arising from the recent increment, a truck of PMS will now cost N47 million.
He cautioned that many marketers will be unable to raise the necessary capital, leading to widespread business closures and significant job losses.
“Nigeria’s economy looks hopeless and it is becoming tougher every day. All these are happening to us as a nation because we are not talking as a people, I think we are not yet feeling the pains, when the pains becomes unbearable, then we will speak out as a people.
“Nigerians always rely on prayers to do for us what we can do for ourselves, so let’s keep praying. It is well with us.”
