Breaking: NLC Threatens Nationwide Shut Down of Country if Petrol Price Rises Further

The Nigeria Labour Congress (NLC) has threatened a comprehensive and indefinite nationwide shutdown of the country if there is any further hike in the pump price of petrol from the current N617 naira.

PulseNets reports that NLC President Joe Ajaero made the threat while speaking at the African Trade Union Alliance Meeting in Abuja on Monday.

He said that the union would not hesitate to declare a strike if the government does not listen to its demands.

Oil marketers have warned that the cost of petrol could rise to between N680 and N720 per litre in the coming weeks if the dollar continues to trade at N910 to N950 at the parallel market.

They have also said that dealers seeking to import petrol are being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.

The Nigerian National Petroleum Company Limited (NNPCL) announced in July that the pump price of petrol had increased to at least N617 per litre.

This was after the government removed the subsidy on petrol.

However, IPMAN President Chinedu Okoronkwo said that since the removal of subsidy, the pump price of petrol is no longer determined by the government but by the market forces and dollar to naira exchange rate.

He said that he could not determine the exact amount the fuel price would get to, but that it would continue to skyrocket as long as the dollar keeps rising in the foreign exchange market.

Okoronkwo said that Nigerians need to find an alternative to petrol, such as compressed natural gas (CNG). He said that CNG is the best alternative because it is less expensive and more environmentally friendly than petrol.

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“Nigerians are aware that there is no more subsidy and we have gotten into a new season where the market fundamentals are the ones playing the major role,” he told Sahara Reporters.

“So, we need to see how we can get an alternative as a panacea to the fuel price increase. Members of IPMAN use Compressed Natural Gas (CNG) and we believe it is the best alternative. The pressure on the naira is so much and the international market dictate is also not helping matters.

“If we can aggressively direct our attention towards Compressed Natural Gas, it will be a solution to fuel price hikes. It will also quench the pressure of the dollar on the naira.”