The Nigeria Labour Congress (NLC) has said that the pump price of the Premium Motor Spirit (PMS) also known as Petrol may hit N1000 per litre in December 2023.

New Telegraph had last week reported that the newly inaugurated President, Bola Tinubu in his inauguration speech at Eagle Square, announced that “fuel subsidy is gone.”

The development, however, led to a hike in petrol prices and hoarding of fuel across the country.

Following the announcement by the President, the Nigeria National Petroleum Company Limited (NNPCL) reviewed its pump price for the product from about N185 to over N500.

This has made the national leadership of the NLC seek a reversal of the removal of fuel subsidy while threatening to protest on Wednesday over the hike in the petrol price.

Jeo Ajaaero, the NLC National President who spoke on Arise News on Sunday revealed that the failure of the government to liberalize the oil sector to allow for more private individuals to invest will make the fuel pump price go up as high as N1,000.

He said: “Dangote’s fuel production monopoly and non-functioning refineries limit market competition. Without other players in the sector, petrol prices may reach N1,000/Litre by December.”

Ajaero insisted that until the refineries in Port Harcourt, Warri, and Kaduna are working optimally, there may be no competition in the market and the price of the product may continue to skyrocket.

“How can there be market forces if Dangote is the only one producing? Are we not maintaining a private sector monopoly which is even worse than the public sector monopoly that the NNPC has been maintaining?

What is the situation in the cement industry and other areas? Why are the Port Harcourt, Warri, and Kaduna refineries not working?” he asked. (New Telegraph)

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