Fuel Price Reduction Not Enough — NLC

The Nigeria Labour Congress, NLC, on Monday criticized the N10 reduction in fuel price as it does not amount to the 33% reduction in fuel prices globally though the congress praised the Government for the initial reduction in fuel price.

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According to Premium Times, in a statement by the Secretary General of  NLC, Peter Ozo-Eson,the congress said it is important for the regulatory agencies in the downstream sector to protect Nigerians from exploitations.

“Given the realities of the international oil market today, there is no reason for maintaining the price of diesel at N160 per litre,” he said.

Mr. Ozo-Eson said the Nigerian government had substantially devalued the Naira prior to the price reduction. This he said ensures that the full benefits of falling crude price are not passed on to Nigerians.

He called on the government to effect a price reduction through a sustained drop of the crude oil price in the international market, so that citizens could benefit from the reduction.

While commending the federal government, Mr. Ozo-Eson said the congress had expected a reduction that will operate within the institutional framework of Petroleum Product Pricing Regulatory Agency, PPPRA. He said it is unfortunate that PPPRA have been side-lined for long demanding its board be constituted immediately to enable it discharge its statutory functions.

Mr. Ozo-Eson also pleaded with transporters and transport operators to ensure the benefits of the price reduction get to commuters.

The petrol pump price reduction was announced on Sunday by Nigeria’s Minister of Petroleum, Diezani Allison-Madueke.