N300 pump price: NLC attacks NNPC GMD, insists on local oil refining

The Nigeria Labour Congress (NLC) has advised  the Federal Government to allow market forces determine the pump price of petroleum products.

Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, had said the  price of petrol could hit  N300 per litre once the petroleum industry bill (PIB) becomes a law.

But yesterday, tMinister of State for Petroleum, Timipre Sylva  doused fear of imminent price hike by assuring that organised labour must be carried along.

The National Administrative Council of the NLC  will   meet tomorrow  to take an official position on the bill which was assented to  by President Muhammadu Buhari. on Monday.

Deputy President of the NLC, Joe Ajaero said the government must make the country’s refineries  work before it can deregulate the downstream sector.

He said: “Is deregulation synonymous to price increase? If you say you are deregulating you allow market forces to determine. Why is the government saying petrol will sell at a particular price? That is equally price Fixing.

“It is complicit for any Head of that corporation  to be telling us what it will cost (to buy petrol) when they deregulate.

“If what we understood from inception that deregulation will be left for market forces; it (price of petrol) can come down, it can go up. So why is he fixing a price?

“It then means there is something that meets the eye in the whole process.

“We at NLC have said that the refineries must work as a pre-condition. We didn’t say you deregulate and start to build refineries. It will not happen if they (government) first deregulate before fixing the refineries.” The Nation

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The Nigeria Labour Congress (NLC) has advised  the Federal Government to allow market forces determine the pump price of petroleum products.

Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, had said the  price of petrol could hit  N300 per litre once the petroleum industry bill (PIB) becomes a law.

But yesterday, tMinister of State for Petroleum, Timipre Sylva  doused fear of imminent price hike by assuring that organised labour must be carried along.

The National Administrative Council of the NLC  will   meet tomorrow  to take an official position on the bill which was assented to  by President Muhammadu Buhari. on Monday.

Deputy President of the NLC, Joe Ajaero said the government must make the country’s refineries  work before it can deregulate the downstream sector.

He said: “Is deregulation synonymous to price increase? If you say you are deregulating you allow market forces to determine. Why is the government saying petrol will sell at a particular price? That is equally price Fixing.

“It is complicit for any Head of that corporation  to be telling us what it will cost (to buy petrol) when they deregulate.

“If what we understood from inception that deregulation will be left for market forces; it (price of petrol) can come down, it can go up. So why is he fixing a price?

“It then means there is something that meets the eye in the whole process.

“We at NLC have said that the refineries must work as a pre-condition. We didn’t say you deregulate and start to build refineries. It will not happen if they (government) first deregulate before fixing the refineries.” The Nation

The post N300 pump price: NLC attacks NNPC GMD, insists on local oil refining appeared first on .

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