The Nigeria Labour Congress (NLC) on Monday said it will shut down the country if the prices of Premium Motor Spirit (PMS) popularly known as petrol rises again as being speculated.
Emerging reports added that the Trade Union Congress (TUC) has joined the NLC in protesting against the new planned fuel hike price with NLC President, Joe Ajaero, telling a meeting in Abuja that such a move is “illegal.”
Ajaero, who spoke at the African Trade Union alliance meeting where Labour also warned against undermining the demands of the union.
But speaking earlier on AIT on Monday, the NLC vowed to proceed on a total, comprehensive and indefinite nationwide shutdown of the country, should there be another increase in petrol pump price from the existing N617.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, explained that the price of petrol was now driven by the fluctuations in forex, hence Nigerians should expect a hike soon.
When answering the question of whether oil marketers were considering an increase in petrol price, Ukadike said, “Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.
“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.”
Ukadike disclosed that oil marketers were still sourcing dollars from the parallel market, as the Central Bank of Nigeria’s Importers and Exporters official window was not easily converted to cash.
“Nigerians should brace for a price regime of between N680 to N720 if the exchange rate stays around N910 to N950 per one dollar, but the price is going to hit N750 once,” Ukadike said.