The Nigeria Labour Congress has listed the downsides to the latest increase in the pump price of petrol.
The labour union stated its position in a statement issued by its President, Joe Ajaero, in a statement he issued on Wednesday.
The union spoke a few hours after outlets of the Nigerian National Petroleum Corporation increased the pump price of petrol on Wednesday.
For Lagos State, the increase went from N855 to N998.
The Congress added that the increase would lead to more jobs losses with multidimensional negative effects, and, therefore, demanded its immediate reversal.
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Ajaero said the previous increases had not produced any good result, rather people only got poorer.
He said the Congress was dismayed by the latest increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.
He said: “Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.
“We challenge the government to go to the drawing board and present us with a blueprint for an inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.
“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities.”
The NNPCL had raised the pump price of petrol by 14.8 percent to N1,030 per litre from N897 across its retail outlets in the Federal Capital Territory, Abuja.
Earlier in September, the NNPCL had increased the price of the product from N615 to N897.
