ABUJA: The Nigeria Labour Congress (NLC) has accused petrol marketers of exploiting Nigerians by inflating fuel prices, exacerbating the already dire economic hardship caused by the government’s harsh policies. This accusation comes despite a significant drop in the estimated cost of landing Premium Motor Spirit (PMS) commonly known as petrol which fell by 20.34% to N971.57 per litre in the past three months.
According to the Major Energies Marketers Association of Nigeria the decline in landing costs reflects global market fluctuations and supply chain improvements. However, retail petrol prices in Nigeria have risen sharply, from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024, despite the drop in landing costs.
MEMAN’s data shows that while oil marketers imported petrol at N1,219 per litre in August, based on a Brent crude price of $80.72 per barrel and an exchange rate of N1,611 per dollar, the cost decreased in November to N971.57 per litre, with crude oil prices at $75.57 per barrel and an exchange rate of N1,665.84 per dollar. Despite these reductions, petrol prices at the Nigerian National Petroleum Company (NNPC) have risen to N1,060, while independent marketers charge as much as N1,180 per litre.
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In light of this, the NLC has condemned what it sees as inflated petrol prices, which it argues are far higher than the actual market value. The union has accused major industry players of collusion and cost-padding, which it believes are exacerbating the suffering of Nigerians already burdened by economic challenges.
“The NLC demands appropriate pricing of petrol and the immediate reopening of public domestic refineries in Port Harcourt, Warri, and Kaduna to break the monopolistic control of the sector, the union stated in a recent communique. The NLC has also announced a nationwide strike scheduled to begin on December 1, 2024, in protest against the high fuel prices and the ongoing economic hardships.
The labour congress insists that Nigerians are being exploited by the actions of petroleum marketers, who, they claim, are benefiting from inflated fuel prices while the general public continues to suffer from escalating costs of living.
