Press Statement
16th September 2026
SAVE THE SITUATION NOW
We are seriously concerned by the rising cost of the pump price of petrol across the country. In mega urban cities where petrol is readily available, the cost ranges from N1,430. In less accessible areas, the cost is much worse. This has inflicted incalculable damage to not only wages but our state of being as a people and as a nation.
It is an established fact that when transportation costs go up, everything else follows, including school fees, rents, tariffs, food stuff, etc.
These new costs continue to inflict or deepen poverty among the populace, stressing the quality of life to the limits.
This new surge has come at a time government’s pressure on marketers to reduce the pump price to reflect prices of crude in the international spot market was beginning to yield dividend.
Yet, even as this new wave of costs is caused by the resurgence of the conflict in the Gulf, our situation needs not be this bleak.
Coupled with the fact that we are an oil-producing country we have sufficient local refining capacity even as this substantially resides with the private sector.
As a nation, and as a people endowed with enormous fossil resources, we are deserving of a certain level of protection or buffer against the gales from the Gulf, and indeed, other gales.
As part of the process of creating this buffer we urge the government to immediately give reasonable wage awards to workers; sell sufficient crude in Naira to our local refineries; expand our national storage capacity in pursuance of meeting energy emergencies and security. These measures will create jobs, economic value as well as deal with mutating security challenges.
There is nothing wrong with government subsidising the needs of citizens, especially in emergency situations like this. At the moment, there is no oil-producing country we know of that has not intervened or come up with sustainable palliatives in one way or the other in these perilous times
These measures are all the more necessary and urgent because government is making extra money in the international spot market (of between USD35 and 40 per barrel above the budgeted figure). This translates to trillions of Naira a month.
Government ought to be satisfied with this as it is a windfall.
On a long term basis, we are equally concerned that local refineries are importing crude. This is unreasonable and unacceptable and defeats the logic and purpose of local capacity.
We are of the view that a government that seeks re-election in the next few months cannot afford to stand and watch marketers inflict suffering on the citizenry in the name of deregulation. Labour has an obligation to speak out or act accordingly.
Comrade Joe Ajaero
President