The Nigerian Labour Congress (NLC) has expressed alarm over rising petrol prices in Nigeria, alleging that the current pump price is significantly inflated beyond its actual market value.
In a statement released on Sunday, NLC President Joe Ajero accused influential players within the petroleum sector of artificially driving up petrol costs to unreasonable levels. According to Ajero, this price manipulation has been a primary factor in the ongoing disagreements between Dangote Refinery and local petrol marketers.
The NLC is urging the government to promptly activate domestic refineries, including those in Port Harcourt and Warri, to address the issue.
NLC’s Statement
The NLC’s statement reads:
“The NEC-in-session noted with growing concern the manipulation surrounding the pricing of petrol (PMS) in Nigeria. It appears that certain powerful interests are collaborating to keep prices artificially high, far above what should be the actual market price. With recent revelations from the dispute between marketers and the Dangote group, it’s clear that cost padding and excessive profit margins have become common.
“There’s a possibility that Nigerian workers and citizens are being exploited by those who control the economic levers in the country. This may explain why there has been no immediate action to bring public refineries online.
“NLC demands a fair, transparent pricing of petrol and calls for immediate action to bring the public refineries in Port Harcourt, Warri, and Kaduna back into operation, breaking the monopolistic grip held by major industry players.”
Key Background
The increase in petrol prices has continued since the removal of subsidies, with the government facing challenges in overseeing petrol distribution among marketers and filling stations. The Nigerian National Petroleum Corporation (NNPC) Limited has consistently raised its petrol prices, citing market forces as the reason for the increases.
Meanwhile, some marketers argue that importing petrol could lower product prices. The Dangote Refinery, however, has maintained its petrol prices between N970 and N990, claiming that this reflects current market realities. The refinery also asserts that any entity selling imported petrol at a lower rate may be involved in supplying substandard fuel or partaking in crude oil theft.
The dispute between Dangote Refinery and petrol marketers has now intensified into a legal matter, with a resolution pending in court.
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