“Return Petrol Prices to June 2023 Levels or Lower” – TUC President Tells FG

The Trade Union Congress (TUC) has called on the Federal Government to immediately return petrol prices to the levels they were at in June 2023, following a surge in fuel costs across Nigeria. The union is pushing for swift intervention, citing the need to stabilize prices and protect citizens from the fluctuating naira.

At a press briefing in Abuja, TUC President, Festus Osifo, emphasized the need for urgent action. “We want the price of petrol to not only return to what it was in June but to go even lower,” Osifo declared. He urged the government to grant the Dangote Refinery access to foreign exchange at a favorable rate of ₦1,000 per dollar, as opposed to the current rate of over ₦1,600 per dollar, to bring down fuel costs.

“The solution we are proposing, if implemented, will return us to the prices of June last year. No responsible government leaves such a critical sector to the whims of the market, especially given the instability of our naira,” Osifo added.

Since May 2023, petrol prices have soared from ₦184 per litre in Lagos to as high as ₦998, with prices hovering around ₦450 per litre back in June 2023. The continuous hikes have severely impacted consumers, sparking widespread concern.

Osifo further pressed for the availability, affordability, and accessibility of petrol for all Nigerians, stressing the importance of fuel for daily life, even for those without vehicles. He urged the government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to issue licenses to all marketers to lift fuel from the Dangote Refinery, while also sourcing refined petrol from other suppliers to meet national demand.

“If production from the Dangote Refinery is below 15 million litres per day, it’s insufficient to meet demand. The Federal Government must bridge the gap by sourcing additional fuel until Dangote’s capacity increases,” Osifo insisted.

This comes after another sharp increase in petrol prices on Wednesday, with NNPC outlets in Lagos selling fuel at ₦998 per litre, up from ₦855. In Abuja, prices reached as high as ₦1,030 per litre. Many independent stations followed suit, with some in Lagos charging as much as ₦1,050 per litre.

The latest hike, which has led to panic-buying and long queues at filling stations, comes just a month after the Nigerian National Petroleum Company Limited (NNPCL) increased prices in September from ₦568 to ₦855 per litre. Despite the outcry, the NNPCL has yet to issue an official statement on the price adjustments, though it recently began loading its first batch of petrol from the Dangote Refinery.