The Nigeria Labour Congress (NLC) has issued a stern warning of an extensive and indefinite nationwide shutdown if there are any additional increments in the current pump price of petrol, which stands at N617 naira.....KINDLY READ THE FULL STORY HERE▶
NLC President Joe Ajaero conveyed this ultimatum while addressing the African Trade Union Alliance Meeting in Abuja on Monday.
He emphasized that unless the government heeds their demands, the union will not hesitate to initiate a strike action….CONTINUE READING
Oil marketers have cautioned that the cost of petrol might surge to a range of N680 to N720 per litre in the upcoming weeks if the parallel market exchange rate of the dollar remains within the N910 to N950 range.
Additionally, importers of petrol are encountering challenges as the scarcity of foreign exchange impedes their plans to import the commodity.
Back in July, the Nigerian National Petroleum Company Limited (NNPCL) announced an increase in the pump price of petrol to a minimum of N617 per litre after the government removed the subsidy on petrol.
However, Chinedu Okoronkwo, the President of IPMAN, clarified that following the removal of the subsidy, the determination of the petrol price is now influenced by market dynamics and the exchange rate between the dollar and the naira.
While he couldn’t predict the exact future fuel price, he cautioned that it would persistently escalate as long as the dollar’s value continues to rise in the foreign exchange market.
Suggesting an alternative, Okoronkwo underscored the importance of embracing compressed natural gas (CNG) to counteract fuel price surges.
He highlighted that CNG is not only cost-effective but also environmentally friendly compared to petrol.
“With the realization that there is no longer a subsidy and we are in a new phase where market factors are driving the main role,” Okoronkwo informed Sahara Reporters, “we need to explore alternatives, and Compressed Natural Gas (CNG) presents a solution to mitigate fuel price hikes. It can also alleviate the pressure of the dollar on the naira.
