Why N1,000 fuel prices may be possible by December – NLC


The Nigeria Labour Congress, NLC, has raised concern that the pump price of Premium Motor Spirit, PMS, better known as gasoline, may reach N1000 per liter by December 2023 if the Federal Government does not liberalize the oil industry to encourage more private investments.

In an interview with Arise TV on Sunday, the national president of the NLC, Joe Ajaero, asserted 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”.

He insisted that until the refineries in Port Harcourt, Warri, and Kaduna are in good shape, there may be no competition in the market and the price of the product may continue to skyrocket.

“How can there be market forces if Dangote is the only one producing? Are we not maintaining a private sector monopoly which is even worse than the public sector monopoly that the NNPC has been maintaining?

“What is the situation in the cement industry and other areas? Why are the Port Harcourt, Warri and Kaduna refineries not working?” He asked.

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