The Nigeria Labour Congress (NLC) has frowned on the recent hike in the pump prices of Premium Motor Spirit, popularly called petrol, describing it as the height of insensitivity against the masses.
Senior NLC officials disclosed this in separate interviews with our correspondents on Sunday, as oil marketers refuted being blamed for the recent hike in PMS prices nationwide.
Similarly, the Dangote Petroleum Refinery also said the rise in petrol price was not from the $20bn Lekki-based plant but due to an increase in the cost of crude oil, the major component for refined petroleum products.
Recall that on Friday, the pump prices of petrol rose to between N1,050 and N1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.
Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.
Reacting to this, the Deputy President of Nigeria Labour Congress Political Commission, Prof Theophilus Ndubuaku argued that in a saner clime, representatives of workers, the organised private sector and students would have been called to a roundtable to deliberate on the course of action and analysis of the consequences before the decision would be taken.
He said, “This pump price hike will not only affect foodstuff and fare. There is the problem of inflation and the value of naira to contend with. Instead, what we are seeing is a situation we call Tinubunomics. It is something that has not been tested.
“When you talk about subsidies, is there a country that doesn’t have it? It’s all over the world. Even most of the goods you see in this country from China are subsidised. You are refusing to subsidise fuel and also refusing to even facilitate the so-called CNG buses. How many years does it take to do something like this?
“If you know the kind of game we (the NLC) and them are playing on this CNG thing. Now, they are not even involving the people in the so-called CNG conversion. If you promise to run an inclusive government, It’s not just you that should be doing the talking. Yet, when somebody talks, they send attack dogs to attack and label him a member of the Obidient movement.”
Continuing, Ndubuaku emphasised that President Bola Tinubu will do well to borrow the template of former leaders like Olusegun Obasanjo, who he claimed held a monthly roundtable with stakeholders whenever sensitive issues that have a lot to do with workers’ welfare were being discussed.
“Such discussions were held in the Villa. Every month people would be invited and issues would be discussed. We’re not saying you shouldn’t do it. But please, carry people along. Let us know why you want to do these things so people will be prepared.
“But you can’t just keep changing the prices without any regard for us? This is what is causing all this frustration. They are not carrying the masses along. They have virtually made it difficult for the NLC to be involved in anything they are doing. Nigeria is not the personal property of anybody.
“If you are going to do anything that will involve the masses, you should call the people who represent the workers at least. You have certain blocks and groups of people in this country that have representatives, even in the so-called business sector that you can talk to,” he explained.
Labour tackles marketers
Also speaking on the hike in petrol price, the Chairperson of the Nigeria Labour Congress in Lagos State, Sessi Funmi, accused oil marketers of being major contributors to Nigeria’s economic challenges, describing them as “enemies of the masses.”
Speaking on Sunday, Sessi criticised oil marketers for manipulating petroleum pricing to exploit Nigerians, alleging that they were undermining the government’s efforts to stabilise the downstream oil sector.
She asserted that the recent reduction in the pump price of petrol did not sit well with marketers because it disrupted their exploitative practices.
“How can marketers be telling us that an increase in crude oil prices automatically translates to higher prices for the finished product? Are they buying crude oil? No! They buy the finished product,” Sessi said.
She applauded Tinubu’s administration for reviving two of Nigeria’s refineries in Port Harcourt and Warri, emphasising that these developments should lead to a further reduction in PMS prices.
She argued that oil marketers are attempting to frustrate these efforts to maintain their monopolistic control.
“The Tinubu administration has done what successive governments failed to do by putting our refineries to work. Marketers should stop frustrating these efforts.
“The government must deal directly with suppliers and eliminate middlemen who corruptly enrich themselves,” Sessi added.
She urged the government to emulate Dangote refinery’s direct supply model and establish agreements with oil companies and petrol stations to ensure fair pricing.
“Marketers are the problem. They’ve been receiving subsidies without supplying products and now want to determine prices when they don’t even own refineries.
‘We reject this. Nigerians cannot continue to suffer due to their greed,” Sessi concluded.
The NLC chair called for transparency and accountability in the petroleum sector, warning that Nigerians will no longer tolerate exploitative practices.
Dangote insists on N970 per litre
The Dangote refinery said it has agreed with its partners – MRS, Ardova and Heyden – to sell its PMS at the rate of N970 per litre across the country.
The company said it absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory.
In a statement by the Dangote Group spokesman, Anthony Chiejina, the company clarified that the recent adjustment in its ex-depot price of petrol was directly related to the significant increase in global crude oil prices.
“At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers. While we have made a five per cent adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15 per cent rise in global crude oil prices. Furthermore, Dangote refinery has maintained the Single-Point Mooring ex-vessel price at N895 per litre.
“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory,” Chiejina said.
Speaking further, he said the Dangote refinery absorbed approximately 50 per cent of the cost increases in the international oil market due to its unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians.
“If Dangote refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre.
“We are committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices. In these challenging times, we continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.
“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” he stated.
In the interest of transparency and good governance, Chiejina said the Dangote refinery will now commence publishing its ex-depot price, ex-vessel price, and pump price every week so that consumers are not exploited.
He concluded, “We would like to express our gratitude to President Bola Tinubu for the introduction of the visionary Naira-for-Crude Initiative. This groundbreaking initiative has enabled consistent access to high-quality PMS for all Nigerians, while also insulating the Nigerian consumers from the volatility of the global oil market.”
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
