The Trade Union Congress –TUC, has criticized the N10 reduction in petroleum pump price by the Federal Government, saying the cut has no significant impact on cost of transportation.
In a statement on Monday, NLC compared the 10.3 per cent reduction by Nigeria to the 33 per cent price cut in other countries.
The statement signed by the Executive Secretary of the congress, Farouk Ahmed, urged oil marketers to adhere to the Petroleum Products Pricing Regulatory Agency –PPPRA’s new ex-depot price of N77.66 per litre for PMS.
PPPRA issued a statement earlier on Monday, announcing a new ex-depot price of N77.66 per litre for PMS, saying the new price came as a follow up to the reduction of pump price by the government.
Part of the statement read: “It is unfortunate that the PPPRA Board has been sidelined for so long. We demand that its board be constituted immediately to enable it discharge its statutory functions.’’
“However, beyond the issue of price reduction of PMS, the regulatory agencies in the downstream sector of the oil industry need to protect Nigerians against monopolistic exploitation,’’ NLC said.
“We make bold to refer to the unacceptable price manipulation by monopolies in the oil sector where prices have remained unreasonably high for diesel, the price of which is deregulated.