The Federal Government and the Nigeria Labour Congress, NLC, have failed to reach a consensus over the removal of fuel subsidy after a meeting on Wednesday.
Dele Alake, the spokesman to President Bola Tinubu, said the meeting ended without a resolution and talks would resume at a later date.
He said the government was committed to finding an amicable solution that would be in the interest of all Nigerians.
The meeting came after the Nigeria National Petroleum Company Limited, NNPCL, on Wednesday, confirmed the hike in the pump price of premium motor spirit, PMS, widely known as petrol, in its retail outlets across the country.
The NNPCL said the price adjustment was in line with current realities and market forces.
The development followed President Bola Tinubu’s inaugural speech on Monday in which he announced the removal of fuel subsidy, saying it was unsustainable and a drain on the nation’s resources.
However, the NLC rejected the new price regime, saying it was unacceptable and demanded its immediate reversal.
The NLC also threatened to mobilize workers for a nationwide strike if the government did not heed its call.
Meanwhile, the presidential spokesperson said the government would continue to dialogue with the organized labour to avoid any industrial action that could disrupt economic activities.
“We cannot go into any details now because talks are ongoing. We cannot finish everything at one sitting. So we have adjourned now.
“We are continuing talks at a later date, very very shortly. But the important thing is that talks are ongoing. It’s always better to keep talking with a view to arriving at a very amicable solution that would be in the interest of all Nigerians. That’s the much we can say now,” Alake said.
Meanwhile, the price hike has triggered panic buying and hoarding of fuel by marketers and consumers, causing long queues in stations.
Newsflash Nigeria reports that stations dispensing the product to customers across the country are selling at rates between N500 and N750 per litre.
The development has sparked outrage from many Nigerians, who accused the government of being insensitive and clueless.
Transporters have also increased their fares, leaving passengers to bear the brunt.
Cost of other goods and services are also expected to rise in a matter of days.
However, some analysts have supported the government’s policy, saying subsidy removal was necessary to free up funds for infrastructure and social development.