BREAKING: NLC Demands Immediate Wage Awards As petrol Prices Hits N1450 Per Litre
The Nigeria Labour Congress (NLC) has called on the Federal Government to introduce immediate wage awards for workers as rising petrol prices continue to increase transportation costs and worsen economic hardship.
NLC President Joe Ajaero made the demand in a statement issued in Abuja on Wednesday, citing the impact of higher petrol prices on workers’ purchasing power and quality of life.
Ajaero said petrol was selling for about N1,430 per litre in major urban centres, with prices higher in less accessible areas, and warned that rising transport fares could trigger further increases in food prices, school fees, rents and tariffs.
What the NLC is saying
Ajaero said the continued increase in petrol prices was significantly affecting workers’ purchasing power and quality of life, particularly as transportation costs continued to rise.
The NLC president attributed part of the latest petrol price increase to the resurgence of conflict in the Gulf but argued that Nigeria should have mechanisms to protect citizens from sudden international energy market shocks.
NLC proposes measures to cushion impact
Ajaero urged the Federal Government to immediately introduce reasonable wage awards, make sufficient crude oil available in naira to local refineries and expand the country’s storage capacity.
He said the measures would help cushion the impact of international market shocks, strengthen energy security, create employment opportunities and generate additional economic value.
Ajaero also said government intervention through subsidies or palliatives remained justified during emergencies that placed severe economic pressure on citizens.
The NLC president said the intervention was necessary because the government was earning between $35 and $40 above the budgeted crude oil price in the international spot market.
Get up to speed
Petrol prices have come under renewed pressure in recent weeks amid higher international crude oil prices and market volatility.
Earlier, in July, Dangote Refinery had moved from naira-denominated to dollar-based pricing for petrol, fixing its ex-depot price at $0.779 per litre. Nairametrics reported that the change meant the naira equivalent of the refinery’s petrol price would fluctuate with movements in the exchange rate.
What you should know
Broader cost-of-living pressures have continued to weigh on Nigerian households in recent times.
They noted that structural reforms typically involve a period of adjustment before improvements in productivity and real incomes become evident.