Business

Fuel hike: TUC knocks FG for reneging on agreement

The Trade Union Congress (TUC) has expressed disappointment over sudden increase in pump price of petrol despite an agreement it had with the Federal Government not to hike the product. In a statement made available to New Telegraph, the congress said despite effort made by the organised labour in the last meeting with the Federal Government on hike in fuel price and electricity tariff, the latter resolved to further impoverish Nigerians with the recent increase.

The statement signed by the President and General Secretary, TUC, Comrade Quadri A. Olaleye, and Comrade Musa-Lawal Ozigi, respectively described the hike as one increase, too many and, indeed, a violation of all understandings it had with government.

“We recall that at our meeting government appealed that subsidy removal was the only way out, else the economy will collapse and there would be massive job losses. We agreed with them to save the economy and the jobs. “If the government claims to have “deregulated” the downstream sector of the oil and gas (which of course is subsidy removal), it therefore means the independent oil marketers are importing petrol at their own cost.

Information at our disposal, however, is that no independent marketer is importing fuel, because they cannot access dollars. The Nigeria National Petroleum Corporations (NNPC) is still holding on to that monopoly. “To make matters worse, it is the NNPC that instructed the new increase and not Petroleum Products Pricing Regulatory Agency (PPRA). What a regime of contradictions! NNPC has become a behemoth.

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