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Why fuel may hit N1,000 by December – NLC

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Why fuel may hit N1,000 by December – NLC

The Nigeria Labour Congress, NLC, has expressed fear that if the Federal Government fails to liberalize the oil sector to allow for more private individuals to invest, the pump price of the Premium Motor Spirit, PMS, also called petrol may hit N1000 per liter by December 2023.

The NLC national President, Joe Ajaero who made the remark while speaking with Arise TV on Sunday, claimed that “Dangote’s fuel production monopoly and non-functioning refineries limit market competition”.

According to the NLC president, “without other players in the sector, petrol prices may reach N1,000/Litre by December”.

He insisted that until the refineries in Port Harcourt, Warri, and Kaduna are in good shape, there may be no competition in the market and the price of the product may continue to skyrocket.

“How can there be market forces if Dangote is the only one producing? Are we not maintaining a private sector monopoly which is even worse than the public sector monopoly that the NNPC has been maintaining?

“What is the situation in the cement industry and other areas? Why are the Port Harcourt, Warri and Kaduna refineries not working?” He asked.

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