The Trade Union Congress (TUC), in a strong statement, has urged the Nigerian government to immediately reduce the current petrol prices, pushing for them to be brought down even lower than what they were in June 2023. This demand comes in the wake of widespread concern over the frequent hikes in petrol prices, which have placed a heavy burden on Nigerians across the country.
Speaking at a press briefing in Abuja on Thursday, TUC President Festus Osifo expressed the frustration felt by the general public and urged the Federal Government to act swiftly. He emphasized that the current petrol prices are unsustainable and called for a reduction, stating, “We demand that the price be brought down, not just to what it was before, but even lower.” Osifo pointed out that Nigerians have had to deal with increased hardship due to the rising cost of fuel, which affects transportation, food, and other essential commodities.
To provide a solution, Osifo suggested government intervention in the sector by offering foreign exchange to the Dangote Refinery at a more favorable rate of $1 to ₦1,000, which is significantly lower than the current rate of over ₦1,600. He argued that this move would help reduce petrol costs for Nigerians. By granting the Dangote Refinery access to cheaper foreign exchange, the refinery would be able to produce petrol at a lower cost, thus bringing down the price at the pump for ordinary citizens.
Osifo further explained that the TUC’s proposed solution, if implemented, would restore petrol prices to the levels they were in June 2023, before the multiple hikes that have since occurred. “The solution we are proposing, if implemented, will return prices to what they were in June last year,” Osifo confidently stated. He went on to highlight that in no country does the government allow critical sectors like the oil industry to be fully controlled by market forces. The Nigerian government, he said, should not allow the oil sector to be driven solely by the fluctuating value of the naira.
He called for more affordable, available, and accessible petrol for all Nigerians, emphasizing that it is a vital commodity, not just for those who own cars, but also for households that rely on fuel for cooking and other basic needs. “Petrol is essential for every Nigerian,” Osifo noted, stressing the need for government action to ensure that prices come down to a more affordable level.
Additionally, Osifo called on the government to grant all marketers licenses to lift petrol from the Dangote Refinery through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). He pointed out that giving more marketers the ability to source petrol directly from the Dangote Refinery would help ensure a more consistent supply of fuel to the Nigerian market, further helping to stabilize prices.
Osifo also suggested that the Nigerian National Petroleum Company Limited (NNPCL) should explore alternative sources of refined petrol to meet Nigeria’s daily consumption needs in the interim, particularly if the Dangote Refinery is unable to meet the country’s demand. “If the product is not available, it’s a problem,” he said, noting that if Dangote Refinery produces less than the required 15 million liters per day, it would not be enough to satisfy the nation's needs. Osifo urged the NNPCL to ensure that petrol is imported from other sources to bridge the gap until the Dangote Refinery reaches full capacity.
These calls for action from the TUC come just a day after Nigerians were once again hit with a steep hike in petrol prices. On Wednesday, retail outlets of the NNPCL in Lagos and the Federal Capital Territory (FCT), Abuja, raised the price of petrol yet again, leaving consumers in a state of shock and frustration.
In Lagos, NNPCL stations increased the price of petrol to ₦998 per litre, which is an increase of about ₦150 from the previous price of ₦855. This sudden rise in prices led to panic buying, with long queues quickly forming at petrol stations as consumers rushed to fill up their tanks before prices went even higher.
Non-NNPCL filling stations were quick to follow suit, with some stations hiking their prices to as high as ₦1,050 per litre in parts of Lagos. In Abuja, NNPCL outlets raised their prices from ₦897 to ₦1,030 per litre, leaving many residents in the capital city scrambling to adjust to the new reality.
This latest increase in petrol prices comes on the heels of a similar hike that occurred on September 2, 2024, when the NNPCL raised prices from ₦568 to ₦855 per litre, a move that sparked widespread public outrage at the time. With prices now nearing ₦1,000 per litre, there are growing calls for immediate government intervention to reverse the trend and provide relief to millions of Nigerians who are struggling to cope with the high cost of living.