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Labor unions vow nationwide protest, strike in response to potential fuel price hike in Nigeria

Labor unions vow nationwide protest, strike in response to potential fuel price hike in Nigeria

The Nigeria Labour Congress (NLC) has issued a stern warning, declaring its readiness to bring the nation to a standstill if another increase in petrol prices occurs.

The announcement comes as tensions rise over the potential economic ramifications of such a move.

The NLC President vehemently expressed the union’s stance, stating that the union cannot and will not allow the Nigerian people to bear the brunt of any further petrol price hikes.

He said the cost of living is already sky-high, and the citizenry can no longer endure the burdens of additional financial strain.

This stern warning from the NLC follows reports of discussions within government circles regarding a possible adjustment in petrol prices, driven by fluctuations in landing cost due to rising exchange rate.

The potential price hike has sparked concerns of a domino effect on inflation, already a major concern for Nigeria’s economy.

If there is petrol price increase, the NLC has promised to initiate a series of nationwide protests, strikes, and mass demonstrations. Such actions have the potential to severely disrupt public services, transportation, and commercial activities across the country.

Reports also say the Trade Union Congress (TUC) has joined the NLC in protesting against the new planned fuel hike price.

Earlier, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, explained that the price of petrol was now driven by the fluctuations in forex, hence Nigerians should expect a hike soon.

When answering the question of whether oil marketers were considering an increase in petrol price, Ukadike said, “Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.

“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.”

Ukadike disclosed that oil marketers were still sourcing dollars from the parallel market, as the Central Bank of Nigeria’s Importers and Exporters official window was not easily converted to cash.

“Nigerians should brace for a price regime of between N680 to N720 if the exchange rate stays around N910 to N950 per one dollar, but the price is going to hit N750 once,” Ukadike said.

But speaking on AIT on Monday, the NLC vowed to proceed on a total, comprehensive and indefinite nationwide shutdown of the country, should there be another increase in petrol pump price from the existing N617.

Ajaero gave the warning at the African Trade Union alliance meeting in Abuja, where Labour also warned against undermining the demands of the union.

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