The Trade Union Congress (TUC) has urged the Federal Government to reduce petrol prices to levels below those seen in June 2023. During a press briefing in Abuja on Thursday, TUC President Festus Osifo emphasized the need for immediate government intervention to address the ongoing fuel crisis.
“We demand that petrol prices not only revert to their June 2023 levels but drop even further,” Osifo stated. He proposed that the government provide foreign exchange to the Dangote Refinery at a preferential rate of ₦1,000 per dollar instead of the current market rate of over ₦1,600 per dollar. According to Osifo, this move could significantly reduce petrol prices for Nigerians.
“The solution we’re proposing, if implemented, will restore prices to what we had in June last year,” he added, highlighting the importance of government involvement. “No government in the world leaves its critical sectors vulnerable to currency fluctuations. The oil sector is far too essential to be left to the whims of the naira’s volatility.”
Since May 2023, petrol prices have surged, with the Nigerian National Petroleum Company Limited (NNPCL) raising the pump price from ₦184 to ₦998 in Lagos. As of June 2023, petrol prices stood around ₦450 per litre.
Osifo stressed that petrol must be affordable, available, and accessible for all Nigerians, regardless of whether they own cars. The TUC demanded that the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), grant licenses to all marketers to source petrol directly from the Dangote Refinery.
He further recommended that if the Dangote Refinery cannot meet the nation’s daily fuel demand, the NNPCL should look elsewhere for refined petrol to bridge the gap.
“If Dangote’s production is below 15 million litres daily, it’s not enough,” Osifo said. “While efforts are being made to boost output, we must source petrol from other places to meet the immediate needs of Nigerians. This will ensure that petrol is available across the country, which is crucial to addressing the supply issue.”
On Wednesday, Nigerians were hit with yet another increase in petrol prices. NNPCL retail outlets in Lagos and Abuja adjusted their pump prices to ₦998 per litre, triggering panic buying and long queues at filling stations. The sudden rise, from ₦855 to ₦998, has further strained motorists and transport operators.
