TUC Demands Urgent Reduction in Petrol Prices as Nigerians Face Soaring Costs

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The Trade Union Congress (TUC) has urgently urged the Nigerian government to reverse recent petrol price hikes, advocating for a reduction below levels recorded in June 2023.

TUC President Festus Osifo made the appeal during a press briefing in Abuja, emphasizing the critical need for government intervention in the oil sector.

“We demand that the price be brought down, not just to what it was before, but even lower,” Osifo stated. He highlighted the detrimental impact of rising fuel prices on households across Nigeria, regardless of vehicle ownership, asserting that petrol is a vital commodity for all citizens.

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Osifo proposed that the government provide foreign exchange support to the Dangote Refinery at a rate of $1 to ₦1,000, rather than the current exchange rate of over ₦1,600. He argued that such a measure would enable a significant reduction in petrol costs.

“The solution we are proposing, if implemented, will return prices to what they were in June last year,” he noted, stressing that it is the responsibility of the government to ensure affordable and accessible fuel for its citizens.

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In light of the recent petrol price surge—where prices jumped to ₦998 per litre in Lagos and ₦1,030 in Abuja—Osifo criticized the reliance on market forces in a sector as critical as oil. He asserted, “No government in the world leaves its critical sectors to market forces,” urging the Federal Government to step in decisively.

Furthermore, Osifo called on the NNPCL to allow all marketers to lift petrol from the Dangote Refinery through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). He also suggested that if the refinery cannot meet national demand—currently estimated at over 15 million litres per day—the NNPCL should seek alternative sources for refined petrol to avert shortages.