Reject World Bank’s proposed N750/litre – NLC warns Tinubu’s govt

The Nigeria Labour Congress (NLC) has warned the Federal Government not to listen to advice from the World Bank and increase the pump price of Premium Motor Spirit (PMS) popularly called petrol to N750/litre.

NLC’s Head of Information, Benson Upah, sent out this warning in an interview with Punch.

Upah made it clear that any further increase in the price of petrol would lead to anarchy in the country.

He, therefore called on the government to reject the proposal of the World Bank that petrol should sell at about N750/litre, as against the current rate of between N620 and N650/litre in most locations across the country.

This came as oil marketers explained that the cost of PMS should be around N1,000/litre had it been that the government not subsidising the product.

But the government, on Thursday, denied the claims of marketers and the World Bank as regards the reintroduction of subsidy on petrol in Nigeria.

The World Bank, on Wednesday, asked the Federal Government to stop the subsidy payment on petrol and raise the cost of the product to N750/litre.

It said the Federal Government might still be paying the subsidy as fuel prices in Nigeria were currently not cost-reflective, stressing that Nigerians should pay about N750/litre for PMS as against the current price of N650/litre.