Abuja, Sept. 7, 2024 – The Tinubu Media Volunteers (TMV) have upbraided the Nigeria Labour Congress (NLC) for trying to drag the name of President Bola Tinubu into the decision by the Nigerian National Petroleum Company Limited (NNPCL) to increase pump price of fuel.
The group said the suggestion that the labour was deceived by the federal government into believing that there would be no further increase in fuel price is not only untrue, but also at variance with extant laws of Companies and Allied Matters Act.
The group said this in a statement signed by its Chairman Chukwudi Enekwechi and Secretary Sunday Shedrach Gyungoun.
It wrote: “For the avoidance of doubt, we want to remind the Nigeria Labour Congress that under the Companies and Allied Matters Act (CAMA) as well as the Petroleum Industry Act (PIA) the NNPCL is a legal entity that operates independently of the federal government, and therefore answerable only to its board of directors and shareholders.
“As an independent organisation, the company retains the right and discretion to decide on its modus operandi, including fixing prices of petroleum products without any outside interference.
“We also want to inform the NLC that the oil industry is fluid and dynamic and has been buffeted by several challenges in recent times.
“It is, therefore, obvious that the corporation is responding to the market forces that are at play. Obviously, this approach is to enable it to remain afloat in the business.
“So, for us, it is totally unnecessary and uncalled for to link the fuel pump price increase to President Tinubu and the federal government.
“Nigeria, as a capitalist country, operates a market-driven economy, and players in the oil industry usually make decisions that help them adapt to the unfolding challenges and developments in the sector.
“They definitely don’t need the prodding of the President or anyone for that matter to adjust the pump price of petroleum products when they deem it fit.
“We repeat, the increase done by NNPCL was purely a business decision bereft of any political interference.
“We, therefore, call on NLC to show a high level of responsibility and not mislead the general public into believing that the federal government under President Tinubu has a hand in the pump price increase.
“To the best of our knowledge, the Tinubu administration is working day and night towards alleviating the sufferings of Nigerians, and in due course, the benefits will start manifesting.”
The group enjoined Nigerians to disregard the NLC’s insinuations and unnecessary craving for relevance as the present administration is working in the interest of the people.  (GBN)
