Labour Kicks as Petrol Price Hits Record N1,500 Per Litre
Emmanuel Addeh, Onyebuchi Ezigbo in Abuja, Peter Uzoho in Lagos, Ahmad Sorondinki in Kano and Sylvester Idowu in Warri Petrol prices have surged to a record N1,500 per litre in
Petrol prices in Nigeria have reached a record high of N1,500 per litre, causing significant hardship for motorists and commuters across the country. The Nigeria Labour Congress (NLC) has warned that the latest price increase is inflicting "incalculable damage" on Nigerians, exacerbating poverty and impacting the cost of essential goods and services.
The surge in petrol prices is attributed to rising international crude prices, supply disruptions due to Middle Eastern conflicts, and increasing costs for importers and refiners. The Dangote Petroleum Refinery raised its ex-depot price by N85, or 6.7%, following a sharp rise in global crude prices. This marks the fourth upward adjustment by the refinery in less than a month, taking its gantry price up by N185, or 15.9%, in the space of a month.
The NLC has called on the federal government to provide wage awards to workers, sell crude to local refineries in naira, and expand national storage capacity to mitigate the impact of the price hike. The labor union argues that Nigeria's status as an oil-producing country should provide some protection against external shocks, and that the government should intervene during emergency situations to shield citizens from the effects of rising energy costs.
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