Abuja - The Federal Government has explained its position on the deregulation of the downstream oil sector, saying that the measure was put in place to help marketers with difficulties in importation of fuel.
According to a Premium Times report, PPRA boss Sontonye Iyoyo has stated that a review in the price of fuel had become necessary due to difficulties faced by distributors in sourcing for FOREX.
The announcement has led to a surge in petrol prices, resulting in petrol now costing a whopping N145 per litre as opposed to the original pump price of N86.50.
Naij has reported that The Nigeria Labour Congress (NLC) has since reacted to the move with shock, describing the decision as insensitive and saying that the Government is harbouring a culture of impunity.
"The unilateral increase in prices of petroleum products today by government represents the height of insensitivity and impunity and shall be resisted by the Nigeria Labour Congress and its civil society allies," NLC leadership said in a statement released yesterday.
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