Workers will resist fresh increase in fuel price - NLC – Newstrends
Connect with us

Business

Workers will resist fresh increase in fuel price – NLC

Published

on

Workers will resist any hike in pump price of fuel in the name of petrol subsidy removal, the Nigeria Labour Congress has warned the Federal Government.

Ayuba Wabba, President of NLC, said this at the opening ceremony of the 18th edition of NLC Harmattan School, on Monday in Ilorin, Kwara State.

As fuel scarcity bites harder across the country, Many filling stations are currently selling petrol between N230 and N250 per litre. It costs more in the black market whereas the official price is N170.

Wabba said, “We will resist any price increase in the name of removal of subsidy. Let us look at the issue of subsidy. Subsidy is inefficiency; our inefficiency or inability to refine products. That is what we call subsidy.

“We said, we will not discuss anything subsidy. What they have told us is that the refineries will be fixed by 2023 and it will start production.

“So, once we start production, we can now come to the table and discuss the issue of subsidy. I think that is how to start the conversation and we are taking this issue very seriously.

“Although there is nothing bad about subsidy, in our case, it is shrouded in secrecy. It is not a transparent process, the consumption and all details are shrouded. This is typical of a capitalist economy.’’

The NLC president, however, called on the government to find a way of refining petrol and put transparent structures in place to address the issue.

“If you privatise without transparent process like we have seen in the banks, which government has supported with public funds, but failed because they lack transparency and good governance templates, it will not work.

“This is what we have been arguing. Nigerians should reflect on this. Once you say you remove subsidy and you follow the trend of the diesel, it means it will be out of reach,’’ he said.

He also added that the price of diesel is almost N850 to N860, per litre, asking ”is it the same thing we want to apply to PMS? How many people can afford it”.

According to him, these are the very important questions that we need to interrogate and these are what Labour has been interrogating.

“So, we are not running away from and we have never run away or shy away from discussing the issue of subsidy. Whether there is or not, we can discuss it,’ he said.

 

 

 

 

Business

Naira exchanges N1,650/$ in parallel market

Published

on

Naira exchanges N1,650/$ in parallel market

Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.

Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.

READ ALSO:

Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.

 

Naira exchanges N1,650/$ in parallel market

Continue Reading

Business

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Published

on

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.

READ ALSO:

Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.

Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.

 

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Continue Reading

Business

Warri refinery: Marketers hopeful of further petrol price drop

Published

on

Warri refinery

Warri refinery: Marketers hopeful of further petrol price drop

There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.

This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).

The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.

This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.

The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.

Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

READ ALSO:

Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

He said though the repairs on the facility were not 100 per cent complete, operations had commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).

The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.

It’s good for business, prices may reduce – Marketers

Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.

Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.

“The market becomes more competitive and we are diversifying supply,” he said.

On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”

National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”

Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.

“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.

Warri refinery: Marketers hopeful of further petrol price drop

Continue Reading

Trending