The Trade Union Congress (TUC) has warned that the price of petrol could surge to ₦2,000 per litre if urgent measures are not taken to address rising global crude prices and the continued depreciation of the naira.
TUC President, Festus Osifo, said Nigerians were already grappling with severe hardship as fuel prices climb across the country.
“Today, we are seeing that the cost of petrol is edging towards ₦2,000 per litre depending on the region. Nigerian workers are already passing through excruciating pain,” he said.
Osifo explained that the increase is triggering a ripple effect across the economy, driving up transportation, manufacturing, and overall cost of living.
“When production costs rise, the final price of goods on the shelves will also skyrocket,” he warned, adding that the country’s declining inflation could reverse if the trend continues.
To address the crisis, the TUC urged the Federal Government to deploy 60 percent of excess crude oil revenue above the 2026 budget benchmark to subsidise crude supplied to local refineries, including the Dangote Refinery.
According to Osifo, subsidising production rather than finished products would eliminate abuse and lead to an immediate reduction in fuel prices within one to two weeks.
“If crude is subsidised at the source, it cannot be diverted. I can assure you that prices of petrol, diesel, and jet fuel will drop almost immediately,” he said.
The labour leader also blamed the high cost of fuel on the weak naira, insisting that a stronger exchange rate would significantly reduce petrol prices.
On alternative energy, he noted that while the government’s push for Compressed Natural Gas (CNG) buses is commendable, inadequate infrastructure makes it an impractical short-term solution.
Osifo further raised concerns over worsening insecurity, describing recent killings as unacceptable and urging the government to equip security agencies with modern technology to tackle insurgency effectively.
“This is one death too many. A country must first be secure before it can begin to talk about development,” he said.
The TUC said it would formally write to President Bola Tinubu through the Office of the Secretary to the Government of the Federation, pushing for immediate implementation of its proposals to ease the burden on Nigerians.
