The Trade Union Congress (TUC) has warned that petrol prices in Nigeria could soar to ₦2,000 per litre if urgent economic measures are not implemented by the Federal Government.
Newsonspot reports that speaking at a press briefing in Abuja, TUC President, Festus Osifo, blamed the looming crisis on rising global crude oil prices and the continuous depreciation of the naira, noting that Nigerian workers are already under severe financial pressure.
Osifo revealed that in some parts of the country, fuel prices are already approaching the ₦2,000 mark, raising fears of a deeper economic crisis if no action is taken.
To address the situation, the union proposed that the government channel 60 percent of excess revenue from crude oil sales into subsidizing local production. With the 2026 budget benchmarked at $64.85 per barrel and current prices around $100, the TUC believes the surplus can be effectively utilized.
The group specifically recommended reducing the cost of crude supplied to the Dangote Refinery and other modular refineries. According to the TUC, this approach would be more transparent and less prone to abuse compared to the previous fuel subsidy regime.
Osifo expressed confidence that such a strategy could lead to a reduction in petrol, diesel, and aviation fuel prices within two weeks.
He further criticized the slow rollout of Compressed Natural Gas (CNG) infrastructure, stating that while CNG buses are a positive initiative, the lack of refilling stations on major highways makes them impractical for long-distance travel.
Beyond economic concerns, the TUC also raised alarm over worsening insecurity, particularly recent killings in Plateau State. Osifo urged the government to stop normalizing such incidents and called for the deployment of advanced technology to support the military in combating insurgency.
The union plans to formally write to Bola Tinubu, demanding the adoption of its crude subsidy proposal before the next allocation of federation funds.
Osifo warned that failure to act could reverse the recent slowdown in inflation, pushing it upward again. He also emphasized that fuel prices are closely tied to the naira’s value, suggesting the currency should ideally trade between ₦800 and ₦900 to the dollar to ease economic pressure.
