LIVE UPDATES
The Nigeria Labour Congress, NLC, has raised concern that the pump price of Premium Motor Spirit, PMS, better known as petrol, may reach N1000 per liter by December 2023 if the Federal Government does not liberalize the oil industry to encourage more private investments.
In an interview with Arise TV on Sunday, the national president of the NLC, Joe Ajaero, asserted that "Dangote's fuel production monopoly and non-functioning refineries limit market competition."
"Without other players in the sector, petrol prices may reach N1,000/Litre by December," the NLC president said.
He claimed that there might not be any competition in the market and the cost of the products might keep rising until the refineries in Port Harcourt, Warri, and Kaduna are in good condition.
"If Dangote is the only producer, how can there be market forces? Are we not preserving a private sector monopoly that is worse than the one the NNPC has been preserving in the public sector?
"What's happening with the cement business and other sectors? Why aren't the refineries in Port Harcourt, Warri, and Kaduna operating?" He asked.
