The Nigeria Labour Congress (NLC) has condemned the latest hike in the pump price of petrol, calling for its immediate reversal.

In a statement late yesterday, its President, Joe Ajaero, criticised the federal government’s decision to raise fuel prices yet again without providing adequate relief measures for struggling Nigerians.

The NLC also picked holes in the role of the Nigerian National Petroleum Company Limited (NNPCL), accusing the oil company of acting as a monopoly that dictates fuel prices, contrary to principles of a competitive market.

The development followed the announcement of the new pump price of premium motor spirit (PMS), commonly known as petrol, which has surpassed N1,000 across filling stations on Wednesday.

The labour leader, who warned that the latest price increase would exacerbate the country’s poverty levels, shrinking production capacities and leading to more job losses, urged the government to develop a clear and long-term economic strategy instead of relying on “ad-hoc” solutions and palliative measures.

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