N10 reduction in petrol pump price insignificant – NLC

Reactions have continued to trail Federal Government’s decision to reduce the pump price of petrol, as the leadership of the Nigeria Labour Congress (NLC) lauded government’s decision to reduce the pump price of fuel from N97 to N87 per litre but noted that the N10 reduction was insignificant. According to the NLC in a statement released by its General Secretary, Peter Ozo-Eson, the government had substantially devalued the naira before the reduction, a move that has denied Nigerians the full benefits of falling crude price. He said the N10 price slash translates to 10.3 per cent reduction compared to 33 per cent price reduction in most countries. “For instance, in the United States, the price dipped to under two dollars from three dollars per gallon. “We recall urging the government to effect a price reduction following a sustained price slump of crude oil in the international market in order for Nigerians to benefit from the development. We commend the government for listening to our advice. “However, the price reduction we envisaged is the one that will operate within the institutional framework of PPPRA”.

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