The Premium Motor Spirit (PMS), often known as fuel, has been rumoured to rise once more, and the Nigeria Labour Congress (NLC) has vowed to declare a national emergency as a result.
The NLC President, Comrade Joe Ajaero, said this at a meeting in Abuja and labelled the action as “illegal.”
Earlier, Chief Chinedu Ukadike, National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that the price of petrol is currently determined by currency fluctuations, thus Nigerians should prepare for a rise shortly.
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When answering the question of whether oil marketers were considering an increase in petrol price, Ukadike said, “Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.
“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.”
Ukadike disclosed that oil marketers were still sourcing dollars from the parallel market, as the Central Bank of Nigeria’s Importers and Exporters official window was not easily converted to cash.
“Nigerians should brace for a price regime of between N680 to N720 if the exchange rate stays around N910 to N950 per one dollar, but the price is going to hit N750 once,” Ukadike said.
But speaking to the press on Monday, the NLC vowed to proceed on a total, comprehensive and indefinite nationwide shutdown of the country, should there be another increase in petrol pump price from the existing N617.
Ajaero gave the warning at the African Trade Union alliance meeting in Abuja, where Labour also warned against undermining the demands of the union.
He said: “As we are here now, they are contemplating increasing the pump price of petroleum products, and the ministry of labour for some time now would only go to the Ministry of Justice to come up with a so-called injunction to hold the hands of Labour not to respond.
“But let me say this, Nigerian workers will not give any notice if we have not addressed the consequences of the last two increases and we wake up from our sleep to hear that they have tampered with the prices again.
“They have started floating ideas of a likely increase in the pump price of petroleum products.
“I want to plead with the government that those bad economic policies that make our wages next to nothing, should be checked. If you check those policies that lead to inflation, and devaluation of the currency, we will be comfortable even where we are. if the naira is at par with the dollar today, we will ask you to leave the minimum wage at 30,000″, he added.
