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Why fuel may hit N1,000 by December – NLC

By on June 5, 2023 0 20 Views

The Nigeria Labour Congress (NLC) has voiced concern that the Premium Motor Spirit (PMS), better known as petrol, might cost N1000 per liter by December 2023 if the Federal Government does not liberalize the oil sector to encourage more private investment.

On Sunday, Joe Ajaero, the national president of the NLC, alleged that “Dangote’s fuel production monopoly and non-functioning refineries limit market competition.”

The NLC president asserted that “without other players in the sector, gasoline prices may reach N1,000/Litre by December.”

Until the refineries in Port Harcourt, Warri, and Kaduna are in good form, he asserted, there might not be any competition in the market and the cost of the products could keep rising.

“How can market forces exist if Dangote is the lone producer? Are we not preserving an even worse private sector monopoly than the one the NNPC has been upholding in the public sector?

“How are things doing in the cement business and other places? Why aren’t the refineries in Kaduna, Warri, and Port Harcourt working?” he asked.

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