The leadership of the Nigeria Labour Congress (NLC) has lauded the Federal Government’s decision to reduce the pump price of fuel from N97 to N87 per litre but noted that the N10 reduction was insignificant.
General Secretary of the union, Peter Ozo-Eson, in a statement reacting to the reduction, said prior to this decision, government had substantially devalued the naira, thus ensuring that the full benefits of falling crude price were not passed on to Nigerians.
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”.