Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Organised labour blames fuel scarcity on downstream sector’s sabotage

William UkpebyWilliam Ukpe
2 months ago
in Business News
NLC opposes compulsory Covid-19 vaccination for workers

NLC President, Ayuba Wabba

Share on FacebookShare on TwitterShare on Linkedin

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have claimed that the current fuel scarcity in Nigeria is caused by Downstream retail companies “hiking the price far above the government-approved threshold”.

This was disclosed in a statement signed by the trade unions urging FG to end the issues.

They warned that non-state actors should not have the capacity to influence a needed energy need.

No excuse good enough: The Presidents of NLC and TUC  Mr Ayuba Wabba and Mr Festus Osifo said there is no reason good enough to explain the fuel scarcity Nigerians are dealing with.

They expressed shock at the persistent shortage and uncontrollable prices that players in the downstream sector of the petroleum industry were meting out to Nigerians.

  • ”No excuse is good enough to cripple the country. If there are challenges, they should be fixed. We have a government in power to fix challenges not to make excuses,’’ they said.

The economic consequences: They added the persistent shortages of Premium Motor Spirit (PMS), otherwise called petrol,  have tragic consequences for the Nigerian people and debilitating effects on the health of the economy which itself is not in a good state.

  • “We are reliably informed that the shortage is deliberately fostered by players in the downstream sector in other to hike the price far above the government-approved threshold.
  • “It is an added problem when non-state actors begin to arrogate to themselves the power to determine the price of a litre of fuel far above the rate pegged by government in the current subsidy regime.”

They also revealed that the Nigerian people and the taxpayers currently spend trillions of Naira annually to subsidise petrol citing the same people could not be exploited and made to pay over N240 per litre when the current ex-depot price was N148.19k per litre, warning the benefits of the subsidy regime are gradually been eroded.

If you missed it: Nairametrics reported earlier that NNPC revealed the reasons got the queues. According to the company, “the recent queues in Lagos are largely due to ongoing road infrastructure projects around Apapa and access road challenges in some parts of Lagos depots.”

The NNPC, however, noted that the gridlock is easing as the NNPC has programmed vessels and trucks to unconstrained depots, with massive load outs from depots to various states being closely monitored.

Related

Tags: Mr Ayuba WabbaMr Festus OsifoNigeria Labour Congress (NLC)Trade Union Congress of Nigeria (TUC)

Comments 1

  1. Ubaso Nwaozuzu says:
    December 3, 2022 at 4:27 pm

    Hi William Ukpe, I love this article.

    I appreciate your thorough analysis of the fuel shortage situation in Nigeria and how players in the downstream sector have deliberately fostered it.

    Your point that non-state actors are arbitrarily setting prices far above government-approved thresholds is very concerning and needs to be addressed.

    I agree that Nigerian people should not be exploited by paying over N240 per liter when the ex-depot price was N148.19k per liter – something needs to change for fair fuel pricing in the country.

    While I understand that road infrastructure projects around Apapa and access road issues contribute to queues at petrol stations, more needs to be done to ensure that fuel is readily available and reasonably priced in Nigeria.

    I appreciate the NNPC’s efforts in programming vessels and trucks to unconstrained depots, with massive load-outs from depots to various states being closely monitored.

    However, this needs to be done continuously and effectively so that Nigerian people can handle the burden of lengthy queues just for a petrol tank.

    Finally, the government needs to ensure fair pricing and availability of fuel by putting policies in place regularly enforced by relevant regulatory bodies.

    This way, we can prevent people from taking advantage of Nigerians by selling fuel above government-approved thresholds.

    It would also help reduce long queues at petrol stations and the frustration these cause.

    Great post, William Ukpe; I look forward to more insightful posts from you.

    Reply

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Mele Kyari insists there is enough fuel in Nigeria but in wrong locations
  • Nigeria will need N4.2 trillion to meet fuel subsidy requirements in 2023 – Mele Kyari
  • Tech Layoffs: Zoom to sack 1,300 employees as CEO takes massive pay cut

Follow us on social media:

Recent News

There is fuel in the country but it is in the wrong locations – Mele Kyari

Mele Kyari insists there is enough fuel in Nigeria but in wrong locations

February 8, 2023
Between January and December 2023, Nigeria needs N4.2 trillion to meet fuel subsidy requirements – Mele Kyari

Nigeria will need N4.2 trillion to meet fuel subsidy requirements in 2023 – Mele Kyari

February 8, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics