NLC Meets On Govs’ N380/Litre Petrol Proposal Today, Experts
Warn FG
The Nigeria Labour Congress will
today (Friday) come up with its position on the recommendation by governors
that the price of Premium Motor Spirit, popularly called petrol, be raised from
N162/litre to N408.5/litre.
A committee set up by the Nigeria
Governor’s Forum had on Wednesday called for immediate removal of petrol
subsidy. It recommended a petrol price of between and N380/litre and
N408.5/litre.
However, the Abuja Chamber of
Commerce and Industry and the Lagos Chamber of Commerce and Industry on
Thursday advised the Federal Government to be tactful when removing petrol
subsidy.
They recommended that it be done
gradually.
Also, officials of the Nigerian
National Petroleum Corporation told our correspondent that the oil firm was
awaiting the Federal Government’s position on the recommendation of the
governors before it would adjust petrol price.
NNPC has been the sole importer
of petrol into Nigeria for more than three years running.
When contacted by our correspondent on
Thursday for the position of the NLC on the latest recommendation of the
governors as touching petrol price, the Deputy President, Joe Ajaero, replied,
“Congress will come up with a position latest tomorrow (Friday).”
Officials of both the NLC and the
Nigeria Union of Petroleum and Natural Gas workers in separate exclusive
interviews had last week argued that the continued imports of petrol by the
NNPC was at the detriment of Nigeria’s refineries.
They also insisted that the
government should fix Nigeria’s refineries and stop importing petrol to help
halt subsidy and save funds for the country, as they opposed subsidy removal
now.
Commenting on the matter, the
President, ACCI, Dr Al-Mujtaba Abubakar, said in an interview that it would be
painful to raise petrol price to N408/litre this time and called for gradual
increment.
Abubakar said the ACCI was in
support of subsidy removal, but stressed that the amount saved must be properly
channeled into infrastructure development.
On his part, the
Director-General, LCCI, Dr. Muda Yusuf, explained that the inevitability of the
deregulation of the petroleum downstream sector had not been in doubt.
He said given the huge financing
gaps that existed at all levels of government, it was impossible to continue to
sustain the subsidy regime, adding that the opportunity cost of petrol subsidy
was huge.
