The Nigeria Labour Congress (NLC) has condemned the recent increase in petrol prices, demanding an immediate reversal.
In a statement released by NLC President, Joe Ajaero, the union criticized the Nigerian National Petroleum Company Limited (NNPCL) for acting as the sole arbiter of fuel prices in a sector supposedly governed by market forces.
The NLC described the price hike as an "aberration" and argued that past increases had only deepened poverty without yielding any tangible benefits for Nigerians.
"The latest increase has grossly altered the calculations of Nigerians," Ajaero said, adding that the hike would worsen the country's economic challenges by driving down production capacity and increasing job losses.
The union urged the government to halt the arbitrary price hikes and instead focus on long-term plans for inclusive economic growth.
"We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy," Ajaero stressed.
The NLC also criticized the NNPCL's role, asserting that it was inappropriate for a government-owned entity to dominate the sector in a deregulated market.
"Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly," the statement read.
The NLC warned that the increase would lead to further economic hardship, and urged the government to take immediate steps to reverse the hike and clarify its long-term strategy for the country’s economic development.