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Subsidy: NLC Reveals Why Fuel Pump Price Might Hit N1,000/ltr by December

The Nigeria Labour Congress, NLC, has stated that if the Federal Government refuses to liberalize the oil sector to give room for more private individuals to invest, the pump price of petrol may go as high as N1000 per litre by December 2023.

The NLC National President, Joe Ajaero, who shared this information while speaking with Arise TV on Sunday, June 4, noted that “Dangote’s fuel production monopoly and non-functioning refineries limit market competition”.

According to the NLC president, “Without other players in the sector, petrol prices may reach N1,000/Litre by December”.

Ajero suggested that the refineries in Port Harcourt, Warri, and Kaduna should be made to work again; otherwise, there won’t be competition in the market, and the product price may continue to increase.

He further stated that there couldn’t be market forces if Dangote only produces fuel in the country.

According to him, granting Dangote special production means maintaining a private sector monopoly.

He said the private sector monopoly is worse than the public sector monopoly that the NNPC has been maintaining.

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