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NLC has criticized the recent hike in petrol prices, describing it as insensitive to the masses.
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The Dangote refinery attributed the price increase to the rise in global crude oil prices.
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Petroleum marketers defended the price hike.
The Nigeria Labour Congress (NLC) has strongly criticized the recent hike in petrol prices, describing it as the height of insensitivity against the masses.
The NLC’s Deputy President, Prof. Theophilus Ndubuaku, argued that the price increase would exacerbate the food crisis, inflation, and the devaluation of the naira.
Ndubuaku stated, “This pump price hike will not only affect foodstuff and fare. There is the problem of inflation and the value of naira to contend with. Instead, what we are seeing is a situation we call Tinubunomics. It is something that has not been tested.”
The Dangote refinery attributed the price increase to the rise in global crude oil prices, stating that it absorbed 50% of the cost increase to maintain a uniform price nationwide.
The company’s spokesman, Anthony Chiejina, said, “We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory.”
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Petroleum marketers also defended the price hike, citing the impact of global crude oil prices and exchange rates on domestic petrol prices.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, stated, “Retailers should not be blamed for the price increase. It’s no longer funny; even we, retail outlet owners, are affected by this up-and-down movement of prices.”
NLC Hails Dangote Refinery For Fuel Price Cut
The Nigeria Labour Congress has commended Dangote Refinery for its recent reduction in fuel prices, describing it as a timely economic relief for Nigerians.
Funmi Sessi, the NLC Chairman for Lagos Council, noted that the refinery’s operation has come at the right time, expressing optimism that the price cut would ease transportation costs, lower the prices of goods and services, and provide financial relief to citizens struggling with the high cost of living.
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