By Miracle Ogunde
Following the decision of the Nigerian National Petroleum Company Limited, on Monday to reduce the pump price of petrol at its retail outlets in the Federal Capital Territory to N965/litre, down from N1,040/litre, the Nigeria Labour Congress, NLC, has insisted that the cost of petrol should drop further.
A senior official of the Nigeria Labour Congress, Chris Onyeka, who spoke The PUNCH, rejected any applause for the Federal Government and the Nigerian National Petroleum Company Limited over the recent reduction in the pump price of petrol.
He argued that the current pricing mechanism does not reflect the true cost of the commodity.
“Do you want us to clap for them? How can we be okay with a price of N935/litre of PMS? This is not the right price for PMS. You cannot base the price on imported products when we have refining capacity in Nigeria,” he said.
He argued that the costs embedded in the current pricing framework—including foreign labour, freight charges, insurance, logistics, and profits accrued abroad—unfairly burden Nigerians.
“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.
Onyeka stressed that the only way to ascertain the correct price of PMS is by determining the actual cost of refining it domestically.
“We need to know how much it costs the NNPC to refine a litre of PMS in our local refineries, such as the Port Harcourt refinery. That is the price Nigerians should be paying,” he emphasised.
He called on the government to prioritise the welfare of Nigerians by ensuring that fuel pricing aligns with local realities.
“This country belongs to all Nigerians. Let the government do the right thing that allows Nigerians to breathe. Let the poor breathe.
“The NLC’s position underscores growing discontent among Nigerians over the rising cost of living, with fuel prices being a major contributor to inflation and economic hardship,” he stated
Recall that Dangote Petroleum Refinery in partnership with MRS recently announced a reduction in petrol price to N935/litre.
Also recall that on Sunday, the Independent Petroleum Marketers Association of Nigeria said petrol was going to sell at N935/litre beginning from Monday based on the latest arrangement with the Dangote Petroleum Refinery.
IPMAN’s National President, Maigandi Garima, said the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement being put in place, would enable marketers to sell at N935 in their outlets nationwide, incurring a cost of N36 on logistics.
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