Sunday, January 29, 2023
No Result
View All Result
News Den Nigeria
  • HOME
  • NEWS
    • NIGERIA
    • AFRICA
    • WORLD
  • POLITICS
  • BUSINESS
  • SHOWBIZ
  • EDUCATION
  • HEALTH
  • TECHNOLOGY
  • SPORTS
  • OPINION
  • MORE
    • FEATURES
    • INTERVIEWS
    • RELIGION
    • RELATIONSHIP
    • VIDEOS
  • HOME
  • NEWS
    • NIGERIA
    • AFRICA
    • WORLD
  • POLITICS
  • BUSINESS
  • SHOWBIZ
  • EDUCATION
  • HEALTH
  • TECHNOLOGY
  • SPORTS
  • OPINION
  • MORE
    • FEATURES
    • INTERVIEWS
    • RELIGION
    • RELATIONSHIP
    • VIDEOS
No Result
View All Result
News Den Nigeria
No Result
View All Result

FUEL PRICE HIKE: We Cannot Guarantee Industrial Peace – NLC

by NewsDen Publishers
September 3, 2020
in NEWS, NIGERIA
1
FUEL PRICE HIKE: We Cannot Guarantee Industrial Peace – NLC
Share on FacebookShare on TwitterShare on WhatsappSend to Email

THE Nigeria Labour Congress (NLC) has kicked against the increase in Premium Motor Spirit (PMS), otherwise, known as petrol from N148. 50 per liter to N151.56 per litre.

Reacting to the increase, NLC President, Mr Ayuba Wabba, told the News Agency of Nigeria (NAN) on Wednesday in Abuja that with the increment, the Labour Union cannot guarantee industrial peace.

NAN reports that the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) had in a statement announced that the new product price adjustment takes effect from Sept. 2.

Maris School Admission Maris School Admission Maris School Admission
ADVERTISEMENT

It would be recalled on Aug. 5, the price of petrol was increased from N143.50 to N148.50 per liter.

AlsoRead

Levy On Carbonated Drinks Will Inflict Mass Hunger — Labour

El-Rufai Pays N18,000 Wage – NLC

NLC Threatens Unprecedented Industrial Action Over Electricity Tariff Increase

Some filling stations in Abuja have already started selling petrol for N161 per litre as at 5 p.m. on Wednesday.

According to Wabba, Nigerians and even the NLC are  shocked about the increase and this increase is coming at a time when many Nigerians are passing through very peculiar and precarious times.

“It is like Nigerians are being taken for a ride, the increase in price of petroleum is like adding salt to injury.

“The increase in the price of petroleum has happened more than three times in three months, only yesterday they hiked the tariff of electricity,” he said.

The NLC president said that to compound the issue, the CBN also reduced the interest rate of savings which affects mostly the poor and the vulnerable.

“The organised labour therefore rejects the increase in price of the product in the strongest terms.”

According to him, at the end of the day, Nigerians are becoming poorer and poorer, in fact many people are already on the edge. Many workers are already on the edge.”

“Certainly, we cannot guarantee industrial peace and harmony, and we will have to call our organs and we will have to also react but we reject it in its entirety.

“They have betrayed the trust of Nigerians, for Nigerians to be protected against the economic challenge that is affecting us,” he said,

Also reacting, Prof. Uche Uwaleke, Professor of Finance and Capital Market, Nasarawa State University, told NAN that the new price will heighten inflationary pressure in the country.

“This is clearly a downside risk to inflation.

“In the coming months, I expect inflationary pressure to heighten as crude oil price recovery in the international market necessitates a hike in domestic pump price of imported fuel.

“This situation will be compounded by naira devaluation,” he said.

Uwaleke, also a former Imo Commissioner for Finance said that to save the situation, the alternative would have been petrol subsidy.

According to him, government cannot afford it now as it is not provided for in the 2020 budget.

“Again, expecting a government already saddled with huge debt to borrow to subsidise the price of petrol does not make economic sense.

“With all the economic headwinds, there is no question about a spike in cost of living in the coming months,” he said.

He noted that the only solution was for government to ensure the passage of the Petroleum Industry Bill (PIB).

“The solution remains passing the Petroleum Industry Bill into law to pave way for investors in the oil refining sector which will put a stop to import of petroleum products well before Dangote refinery takes off to fill the gap,” he said.

 

ShareTweetSendSend
Previous Post

Improving Employee Engagement And Productivity

Next Post

Super Eagles To Battle Cote D’Ivoire, Tunisia In October

Related Posts

Restructuring Key To Nigeria’s Progress – Atiku
NEWS

Restructuring Key To Nigeria’s Progress – Atiku

by NewsDen Publishers
January 26, 2023
PDP Will Secure Nigeria, Grow Our Economy – Atiku 
NEWS

PDP Will Secure Nigeria, Grow Our Economy – Atiku 

by NewsDen Publishers
January 24, 2023
CBN To Sanction ATM Dispensing Old Naira
BUSINESS

CBN To Sanction ATM Dispensing Old Naira

by NewsDen Publishers
January 19, 2023
Just In: Supreme Court Dismisses Abacha Family’s Bid To Stop Fresh Probe
NEWS

Just In: Supreme Court Dismisses Abacha Family’s Bid To Stop Fresh Probe

by NewsDen Publishers
January 13, 2023
Massive Turnout Of Prospective Voters As Okowa Leads PDP Campaign Train To Oborevwori’s Home Town
NEWS

Massive Turnout Of Prospective Voters As Okowa Leads PDP Campaign Train To Oborevwori’s Home Town

by NewsDen Publishers
January 12, 2023
Next Post
Super Eagles To Battle Cote D’Ivoire, Tunisia In October

Super Eagles To Battle Cote D’Ivoire, Tunisia In October

Comments 1

  1. Shelton says:
    2 years ago

    Hello theге! This post could not be ԝritten any better!
    Reading tһrough tһis post reminds mе of my gooԁ olⅾ гoom mate!
    Ηe always kept talking ɑbout this. I wiⅼl forward thіѕ page tⲟ him.
    Fairly certain he will hаve a ցood read. Ꮇany thanks fⲟr sharing!

    Ꮇy homepage https://tintucaz.com/

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

LATEST

Restructuring Key To Nigeria’s Progress – Atiku

Restructuring Key To Nigeria’s Progress – Atiku

January 26, 2023
PDP Will Secure Nigeria, Grow Our Economy – Atiku 

PDP Will Secure Nigeria, Grow Our Economy – Atiku 

January 24, 2023
CBN To Sanction ATM Dispensing Old Naira

CBN To Sanction ATM Dispensing Old Naira

January 19, 2023
Just In: Supreme Court Dismisses Abacha Family’s Bid To Stop Fresh Probe

Just In: Supreme Court Dismisses Abacha Family’s Bid To Stop Fresh Probe

January 13, 2023
How YAGEP Helped To Expand My Business – Esiphri

How YAGEP Helped To Expand My Business – Esiphri

January 13, 2023

TRENDING STORIES

  • Could You Have Silent Diabetes? Here’s How To Tell – And What You Can Do About It

    Could You Have Silent Diabetes? Here’s How To Tell – And What You Can Do About It

    0 shares
    Share 0 Tweet 0
  • Oborevwori Appoints Political Adviser

    0 shares
    Share 0 Tweet 0
  • 2023: Onyeme, Others Give Reasons Why Nigerians Will Vote For PDP

    0 shares
    Share 0 Tweet 0
  • Founder Of Missionary Sisters of Our lady of Perpetual Help, Effiom Is Dead

    0 shares
    Share 0 Tweet 0
  • 6TH ANNIVERSARY OF OKOWA ADMINISTRATION: Mercy Chinwo, Paul Nams, Sinachi, Others Storm Asaba

    0 shares
    Share 0 Tweet 0
  • HOME
  • ABOUT US
  • CONTACT US

© 2020 - 2021 NEWS DEN - Published by: GOLDSON'S RESOURCES.

No Result
View All Result
  • Home
  • NEWS
    • NIGERIA
    • AFRICA
    • WORLD
  • POLITICS
  • SHOWBIZ
  • EDUCATION
  • BUSINESS
  • HEALTH
  • TECHNOLOGY
  • SPORTS
  • OPINION
  • MORE
    • FEATURES
    • INTERVIEWS
    • RELIGION
    • RELATIONSHIP
    • VIDEOS

© 2020 - 2021 NEWS DEN - Published by: GOLDSON'S RESOURCES.