NLC Demands Wage Awards, Naira Crude Allocation As Petrol Price Hits N1,430

The Nigeria Labour Congress (NLC) has urged the Federal Government to introduce emergency wage awards for workers and allocate crude oil to local refineries in naira as petrol prices rise to about N1,430 per litre in major cities.

The labour centre also called for an expansion of the country’s national petroleum storage capacity to strengthen energy security and provide a buffer against supply disruptions.

NLC President, Joe Ajaero, made the demands in a statement titled “Save the Situation Now,” warning that the latest increase in petrol prices would further deepen the economic hardship confronting Nigerians.

According to the NLC, petrol is currently selling for about N1,430 per litre in major cities, while prices are reportedly higher in less accessible locations. The labour centre said the increase would have a ripple effect on transportation and the prices of food, rent, school fees and other essential goods and services.

Ajaero said the latest price surge was particularly concerning because it came when government pressure on oil marketers to reduce pump prices in response to lower international crude oil prices was beginning to yield results.

He argued that Nigeria’s status as an oil-producing country and the availability of local refining capacity should enable the government to provide some protection for citizens against international market shocks.

The NLC president urged the Federal Government to immediately implement measures capable of cushioning households and businesses from the impact of rising fuel prices.

“As part of the process of creating this buffer, we urge the government to immediately give reasonable wage awards to workers; sell sufficient crude in naira to our local refineries; and expand our national storage capacity in pursuance of meeting energy emergencies and security,” Ajaero said.

He added that the measures would help create jobs, generate economic value and address emerging security challenges.

The labour leader also defended government intervention to cushion the impact of the price increase, arguing that there was nothing wrong with subsidising citizens’ needs during emergency situations.

Ajaero further said the urgency of the intervention was heightened by what he described as additional government revenue from international crude oil prices, reportedly between $35 and $40 per barrel above the budgeted benchmark.

According to him, the additional revenue could provide the government with resources to introduce measures that would protect Nigerians from the immediate impact of the fuel price increase.

The NLC therefore called on the Federal Government to act urgently to prevent the latest increase in petroleum prices from further eroding workers’ incomes and worsening the cost-of-living crisis.