Nigerians cannot cope with another oil price increase – NLC

The Nigeria Labour Congress (NLC) has said the harsh economic situation of the country will make it hard for Nigerians to adapt to increase in fuel price, Punch reports.

General Secretary of the NLC, Dr. Peter Ozo-Eson on Sunday said the government should review its policy on subsidy that led to the increase in the fuel pump price from N97 to N145 per litre last year.

He stated, “I do not think that at this time, and given all that we have seen, that Nigerians can be subjected to another round of price increase now. That is why government needs to revisit and rethink its policy. Nigerians cannot take another round of price increase.”

He added, “The policy that is being pursued is not one that can grant you stability in price. When they raised the price to N145, we said so; that with time, given an import-dependent regime, for such a policy, the value of the Naira will be severely weakened.

“We actually remember saying then that before the end of the year, the Naira will be close to N500 to a dollar and it has come to happen. If you translate the current value of the Naira through the template, you are going to find that the landing price would be higher.

“The burden is on the government. That is where the issue of policy comes in.  It is government policy that led to the price going to N145. Given the realities on the ground, now the government needs to revisit its own policy.”

He said the government should have been sure of the capacity of the refineries before embarking on subsidy.

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