The Nigeria Labour Congress (NLC) has demanded further reduction in the pump price of Premium Motor Spirit (petrol), stressing that the recent drop in price to ₦935/litre is not satisfactory.
News360 Info reports that Dangote Petroleum Refinery in partnership with MRS recently announced a reduction in petrol price to ₦935/litre.
Prior to the announcement, the commodity was sold for over ₦1,030/litre in Lagos and environs, while it cost more than ₦1,060/litre in Abuja and Northern states.
However, Labour insisted on Monday that the cost of petrol should drop further.
Speaking with Punch, a senior official of the Nigeria Labour Congress, Chris Onyeka, rejected any applause for the Federal Government and the Nigerian National Petroleum Company Limited over the recent reduction in the pump price of petrol.
He argued that the current pricing mechanism does not reflect the true cost of the commodity.
“Do you want us to clap for them? How can we be okay with a price of N935/litre of PMS? This is not the right price for PMS. You cannot base the price on imported products when we have refining capacity in Nigeria,” he said.
He argued that the costs embedded in the current pricing framework, including foreign labour, freight charges, insurance, logistics, and profits accrued abroad, unfairly burden Nigerians.
“Products are refined in Nigeria, yet the price you give Nigerians is based on imported products. Why should we applaud that? It is akin to someone stealing your money and returning only part of it, then expecting you to clap. We cannot applaud this,” he stated.
Onyeka stressed that the only way to ascertain the correct price of PMS is by determining the actual cost of refining it domestically.
“We need to know how much it costs the NNPC to refine a litre of PMS in our local refineries, such as the Port Harcourt refinery. That is the price Nigerians should be paying,” he emphasised.
