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Labour Gives Conditions to Support Refineries' Privatisation

Labour Gives Conditions to Support Refineries' Privatisation
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FG, Labour Committee on Petrol Pricing Seeks 50% Reduction on Port Charges

By Onyebuchi Ezigbo
The committee of federal government and the organised labour has recommended a 50 per cent cut on all charges on imported petrol as part of measures to reduce the cost of fuel in the country.
The committee also recommended the adoption of a unified exchange rate for all players and product importers in the downstream petroleum sector.
It further proposed that the federal government should stop the current practice whereby marketers and importers are compelled to pay port charges in foreign currency, suggesting that instead, such payments should be made in Naira.
It pointed out that the existing practice of collecting port charges in Dollars has pushed markers to source foreign exchange from the parallel market for settling bills thereby resulting in high and varying costs.

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