THE Trade Union Congress (TUC) has called for a reduction in petrol prices to what they were as of June 2023.
TUC President, Festus Osifo, speaking at a press briefing in Abuja, emphasized that the price should not only be restored but lowered even further.
He urged the government to intervene by offering foreign exchange to the Dangote Refinery at a rate of $1/N1,000 instead of the current rate of over $1/N1,600, to reduce petrol costs.
“If implemented, our proposed solution would bring prices back to what they were in June last year,” Osifo stated, adding that “no government worldwide neglects critical sectors,” and the Federal Government should not leave the oil industry to the volatility of the naira.
Since May 2023, the Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices, with Lagos seeing an increase from ₦184 to ₦998.
Osifo also stressed the need for petrol to be available, affordable, and accessible to all Nigerians, describing it as essential for households, including those without cars.
The TUC urged the government to allow all marketers to source petrol from the Dangote Refinery through licenses issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Additionally, the TUC leader suggested that if the Dangote Refinery cannot meet Nigeria’s daily fuel demand of 15 million litres, the NNPCL should import refined petrol from other sources to ensure sufficient supply while production at the refinery increases. “This is critical for addressing the issue of availability,” he added.
Nigerians yesterday were faced with yet another increase in petrol prices as NNPCL retail outlets raised prices in Lagos and Abuja. In Lagos, petrol jumped from ₦855 to ₦998 per litre, while in Abuja, prices rose from ₦897 to ₦1,030. The sudden hike triggered panic buying, with long queues forming at petrol stations.
This latest increase follows a September 2, 2024, price hike by the NNPCL, when petrol prices soared from ₦568 to ₦855, leading to public outcry.
Although the NNPCL has not released an official statement regarding the latest rise, the company had hinted at further price adjustments after loading its first batch of petrol from the Dangote Refinery in mid-September.