The Nigeria Labour Congress (NLC) has warned that fuel may sell for a staggering N1000 per litre by December 2023.
This comes after President Bola Tinubu had in his inaugural speech removed fuel subsidy.
Following the announcement by the President, the Nigeria National Petroleum Company Limited (NNPCL) reviewed its pump price for the product from about N185 to over N500.
Also, the NLC asked for a reversal of the removal of fuel subsidy and threatened to protest next Wednesday over the hike in the petrol price.
Speaking during an appearance on Arise News on Sunday, NLC National President, Joe Ajaero, said the failure of the government to liberalize the oil sector to allow for more private individuals to invest will make the fuel pump price go up as high as N1,000.
He said: “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.”
Ajaero insisted that until the refineries in Port Harcourt, Warri, and Kaduna are working optimally, there may be no competition in the market and the price of the product may continue to skyrocket.
“How can there be market forces if Dangote is the only one producing? Are we not maintaining a private sector monopoly which is even worse than the public sector monopoly that the NNPC has been maintaining?
“What is the situation in the cement industry and other areas? Why are the Port Harcourt, Warri, and Kaduna refineries not working?” he asked.