The Nigeria Labour Congress (NLC) has strongly criticized the recent hike in petrol prices, describing it as “insensitive” to the masses. Senior NLC officials, including the Deputy President of the NLC Political Commission, Prof. Theophilus Ndubuaku, argued that the hike would exacerbate inflation and worsen the value of the naira. Ndubuaku pointed out that in more developed countries, stakeholders such as workers, private sector representatives, and students are consulted before decisions that affect the public. He criticized the government’s failure to involve these groups in discussions, likening the current economic strategy to “Tinubunomics,” which he claimed lacked real-world testing.
NLC’s Lagos State Chairperson, Sessi Funmi, also accused oil marketers of exploiting the situation and contributing to Nigeria’s economic challenges. She claimed that marketers manipulated fuel pricing to maintain control over the market and undermine the government’s efforts to stabilize the oil sector. Sessi applauded President Tinubu’s administration for reviving two refineries in Port Harcourt and Warri but called for further action to eliminate middlemen and ensure fair pricing.
In contrast, the Dangote Petroleum Refinery denied being responsible for the increase, stating that the rise in petrol prices was due to the global increase in crude oil prices, which it had absorbed partially to maintain lower prices. The refinery clarified that it had agreed with partners to sell petrol at N970 per liter, despite the 15% rise in crude oil prices. Dangote refinery also emphasized its commitment to providing affordable fuel to Nigerians by absorbing logistics costs and publishing prices weekly for transparency.
Meanwhile, oil marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) stated that the price increase was driven by international factors, including rising crude oil costs and sanctions on Russian oil. PETROAN’s National President, Dr. Billy Gillis-Harry, emphasized that petrol prices were now determined by market forces, and that the government no longer sets the prices. He urged that retailers should not be blamed for the price hikes, as they are forced to adjust their prices based on the market’s fluctuations, which are beyond their control.
Marketers like Hammed Fashola of the Independent Petroleum Marketers Association of Nigeria noted that market competition ensures that no one sets exorbitant prices, as consumers would simply go elsewhere.