The proposed increase in gasoline pump prices to N340 per litre next year was rejected by the Nigeria Labour Congress yesterday.
It cautioned that raising the price of gasoline would cause hyperinflation and a massive increase in the cost of goods and services.
Furthermore, the trade union stated that talks with the government over a petrol subsidy were unsatisfactory.
In a statement issued by its President, Ayuba Wabba, the Nigeria Labour Congress (NLC) reiterated its opposition to deregulation based on an import-driven economy.
Mele Kyari, the Group Managing Director/Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), announced on Tuesday that starting February next year, fuel will cost between N320 and N340 per litre.
He predicted that Nigeria would exit the subsidy regime in the first quarter of 2022, but that the government would compensate 40 million residents with N5,000 each.
The idea is “comical,” according to the NLC, because the amount spent on the “gay campaign” outweighs the amount spent on fuel subsidies.
Labour has urged the federal government to repair and revive the four refineries.
The statement reads in part: “The Nigeria Labour Congress responds that what we are hearing is the conversation of the Federal government with neo-liberal international monetary institutions.
“The conversation between the government and the people of Nigeria, especially workers under the auspices of the trade union movement on the matter of fuel subsidy, was adjourned sine die so many months ago.
“Given the nationwide panic that has trailed the disclosure of the monologue within the corridors of government and foreign interests, the Nigeria Labour Congress wishes to posit that it continues to maintain its rejection of deregulation based on import driven model.
“It is difficult to convince Nigerian workers why our dear country is the only country among the OPEC member countries that cannot produce its refined petroleum products and thus adopts the neo-liberal import production model of refined petroleum products.
“We wish to reiterate our persuasion that the only benefit of deregulation based on the import-driven model is that Nigerian consumers will infinitely continue to pay high prices for refined petroleum products.