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Market Digest Nigeria

Economy

New Petrol Price increase a breach of agreement by F.G. – Labour Union

The Nigeria Labour Congress has asked the Nigerian government to revert to the old pump price of N158 petrol or face indefinite strike from workers.

The labour union said that the recent increase in fuel price was a breach of an agreement with the government at previous negotiations.

NLC president, Ayuba Wabba, in a statement, said the union would not accept such arbitrary increases in the price of petrol.

According to the statement, the increase has also cast in a very bad light organised labour’s utmost good faith with regards to government explanations that it lacks funds to continue bankrolling the so-called subsidy payments.

“Nigerians cannot be made to bleed endlessly, for the failures of successive governments, to properly manage our refineries, ensure value for money for the numerous turnaround maintenance, which was poorly executed,” the NLC said.

The union added that in line with its recent agreement with the government, it would be receiving updates in the next few days from affiliate unions in the petroleum sector and representatives in the electricity review committee.

The outcome of these engagements, labour said, would determine its next line of action in the coming days.

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