The warning from the Nigeria Labour Congress (NLC) to the Federal Government is clear: it should not heed the World Bank’s advice to increase the pump price of petrol to N750/litre. Speaking to Punch, NLC’s Head of Information, Benson Upah, emphasized that any further price hikes for petrol would result in chaos within the country. He urged the government to reject the World Bank’s proposal, which suggests that petrol should be sold at about N750/litre, while the current rate stands between N620 and N650/litre in most locations across Nigeria.
The oil marketers clarified that the cost of Premium Motor Spirit (PMS) would be around N1,000/litre if the government did not provide subsidies.
However, the government refuted the claims of both the marketers and the World Bank regarding the reintroduction of petrol subsidy in Nigeria.
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Earlier this week, the World Bank advised the Federal Government to halt subsidy payments on petrol and raise the product’s cost to N750/litre. It emphasized that the current fuel prices in Nigeria did not reflect the actual cost and stated that Nigerians should be prepared to pay about N750/litre for petrol, as opposed to the current price of N650/litre.
