The Nigeria Labour Congress (NLC) has warned that the price of petrol, also known as Premium Motor Spirit (PMS), may reach N1,000 per litre by December 2023.
This comes after President Bola Tinubu declared the end of fuel subsidy, leading to a hike in petrol prices across the country.
The Nigeria National Petroleum Company Limited (NNPCL) subsequently raised its pump price for the product from about N185 to over N500.
The NLC has called for a reversal of the removal of fuel subsidy and threatened to protest next Wednesday over the petrol price hike.
NLC National President, Joe Ajaero, stated that the lack of competition in the oil sector due to Dangote’s fuel production monopoly and non-functioning refineries may lead to petrol prices skyrocketing.
He called for the refineries in Port Harcourt, Warri, and Kaduna to work optimally to allow for market competition and prevent the price of petrol from reaching N1,000 per litre.
Article updated 3 days ago. Content is written and modified by multiple authors.
