The Nigeria Labour Congress and the Organised Private Sector have called for the immediate reversal of the hike in the pump prices of Premium Motor Spirit, popularly called petrol, by the Nigerian National Petroleum Company Limited.

Retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos it was hiked to N998/litre from N868/litre. Other locations witnessed similar price hikes, a development that triggered anger among Nigerians.

The price hike, the second in one month, represents about 14.8 per cent or N133 rise.

With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power.

Last month, the national oil company raised the pump price of petrol to N897/litre from the official price of N617 per litre it hitherto sold in Abuja.

It came days after the NNPC said it was heavily constrained by the huge debt it owed international suppliers. The debt is estimated to be $6.8bn.