NLC demands emergency palliatives, wage awards as petrol hits ₦1,430/litre

The Nigeria Labour Congress (NLC) has demanded emergency measures from the Federal Government to address the rising cost of petrol, which has reached ₦1,430 per litre in major cities. The labour union, led by President Joe Ajaero, called for wage awards for workers, sales of crude oil to local refineries in naira, and expansion of the country's petroleum storage capacity.

The NLC warned that higher petrol prices would worsen economic hardship, as increased transportation costs typically raise the prices of food, rent, school fees, and other essential goods. The labour union attributed the price surge to the resurgence of conflict in the Gulf, but emphasized that Nigeria, being an oil-producing country, should be able to protect its citizens from international oil market shocks.

The NLC urged the government to act quickly, arguing that subsidies are not ruled out in emergencies. The union also criticized the reported importation of crude by some local refineries, stating that it undermines the development of domestic refining capacity. The NLC's call for action comes amid Nigeria's transition to a deregulated downstream petroleum sector, which has exposed fuel prices more directly to changes in crude oil prices, foreign exchange costs, and other market factors.