The Trade Union Congress (TUC) has urgently demanded a return to petrol prices in Nigeria as they were in June 2023, advocating for even lower rates.
TUC President Festus Osifo made this call at a press briefing in Abuja on Thursday, stating, “We want the price of the product to go below what it was before; not just reverse to what it was before but to go below.”
Osifo urged the government to intervene in the oil sector by providing foreign exchange to Dangote Refinery at a significantly reduced rate of $1/N1,000, compared to the current rate exceeding $1/N1,600. He emphasized that “there is no government in the world that doesn’t intervene in its critical sector” and criticized the Nigerian Government for leaving the oil sector subject to the unpredictable fluctuations of the naira.
Since May 2023, petrol prices have skyrocketed, with the Nigerian National Petroleum Company Limited (NNPCL) increasing the pump price from ₦184 in Lagos to ₦998 per litre. In June 2023, the price was around ₦450.
At the press conference, Osifo highlighted the importance of petrol being available, affordable, and accessible for all Nigerians, stressing that it is a vital commodity for every household, even those without vehicles. The TUC is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to issue licenses to all marketers to lift petrol from the Dangote Refinery, ensuring a steady supply.
“If it is not available, it is a problem,” Osifo warned, noting that if the refinery’s production falls below 15 million litres per day, it would not meet the nation’s demands. He urged the NNPCL to explore all options for sourcing refined petrol until Dangote can ramp up production sufficiently to serve every corner of Nigeria.
The recent price hikes have triggered widespread panic buying, with many motorists facing long queues at filling stations. In Lagos, prices surged from ₦855 to ₦998 per litre, while in Abuja, the price jumped from ₦897 to ₦1,030.
This latest increase follows a previous rise on September 2, 2024, and has sparked outrage among consumers. While there has been no official statement from the NNPCL regarding the recent hikes, the company hinted at further price increases when it began loading petrol from the Dangote Refinery in mid-September.
