The Nigeria Labour Congress (NLC), says if the Federal Government fails to liberalize the oil sector to allow for more private individuals to invest, the pump price of petrol may hit N1000 per liter by end of the year. Joe Ajaero, the Union’s President, who made the remark while speaking with Arise Television on Sunday, submitted that “Dangote’s fuel production monopoly and non-functioning refineries limit market competition.” According to him, “Without other players in the sector, petrol prices may reach N1,000/Litre by December.” The NLC president insisted that until the refineries in Port Harcourt, Warri, and Kaduna are in good shape, 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 ...
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