Union Raises Fresh Alarm over New Possible Petrol Price

The Trade Union Congress (TUC) has issued a warning to the Federal Government regarding the potential for petrol prices in Nigeria to reach ₦2,000 per litre unless immediate economic measures are implemented.

In a press briefing held in Abuja, TUC President Comrade Festus Osifo addressed the significant challenges posed by increasing global crude oil prices combined with the ongoing depreciation of the naira, emphasizing the severe financial strain this situation has placed on Nigerian workers.

Osifo pointed out that fuel prices in certain areas are already approaching the ₦2,000 threshold. To avert a complete economic crisis, the TUC has put forth a proposal for the government to allocate 60 percent of the excess revenue derived from crude oil sales to subsidize local production.

Notably, the 2026 budget was structured around a crude oil price of $64.85 per barrel, while the current market price stands at approximately $100, resulting in a substantial surplus.

The union advocates for utilizing this surplus to reduce the cost of crude oil supplied to both the Dangote Refinery and modular refineries, as part of a strategy to stabilize fuel prices and support the economy.

According to the TUC, subsidizing production at the refinery level is harder to manipulate than the previous petrol subsidy system. Osifo claimed that this strategy could drop the prices of petrol, diesel, and aviation fuel within just two weeks.

He argued that: “Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.”

The union leader also criticized the slow rollout of Compressed Natural Gas (CNG) infrastructure. He explained that while CNG buses are a good idea, they are currently useless for long-distance travel because there are no refilling stations on major highways. Beyond the economy, the TUC raised the alarm over the nation’s security.

Osifo condemned the recent killings in Plateau State, urging the government to stop treating massacres as a “norm” and to provide the military with modern technology to end the insurgency.

The TUC plans to send a formal letter to President Bola Tinubu to demand the implementation of the crude subsidy proposal before the next distribution of federation funds.

Osifo warned that: “If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again.”

He maintained that the high cost of fuel is directly linked to the naira’s value, suggesting the currency should ideally be trading between ₦800 and ₦900 to the dollar to provide relief.