January 19, 2015 – The Trade Union Congress of Nigeria (TUC) has commended the Federal Government fordownward review of the pump price of fuel from N97 to N87 per litre effective from midnight of Sunday the 18th of January, 2015.
“The move unreservedly shows the government’s sensitivity to the plight of millions of impecunious Nigerians”, TUC said in as statement signed by President and Secretary of the union, Mr. Bobboi Kaigama and Musa Lawal respectively.
“The Congress had keenly monitored the oil price volatility in the international market and had called on the government to downwardly review the price of petroleum products.
“ Indeed we are astounded at the fact that the anticipated spontaneous re-evaluation of the price did not happen, even though the government has explained that it had been carefully studying unfolding trends and events before taking a decision so as not to destabilise the economy”, it said.
While commending the downward review, the congress noted that the decrease is not commensurate with the fall in the price of oil in the international market.
“The N10 reduction certainly has less than significant effect on costs of transportation, goods and services. The new N87 per litre price is sure to still “destabilise” and bore holes in the ever-shrinking pockets of the Nigerian masses”, it said.
The TUC said Nigerians deserve an even greater slash in the price of fuel, adding that appropriate measures must be taken to strengthen the purchasing power of the common man.
It noted that the time has come to effectively diversify the economy .
