VIDEO: TUC urges govt to lower petrol prices

The Trade Union Congress (TUC) has urged the Federal Government to take immediate action to reduce petrol prices, advocating for prices lower than those seen in June 2023.

This call was made by TUC President Festus Osifo during a press briefing in Abuja on Thursday, as Nigerians continue to face skyrocketing fuel costs.

“We demand that petrol prices be brought down, not just to their previous levels, but even lower,” Osifo stated, stressing the need for government intervention to address the inflationary pressures caused by soaring fuel costs.

One key solution proposed by the TUC is the provision of foreign exchange to the Dangote Refinery at a favorable rate of $1 to ₦1,000, instead of the current market rate of over ₦1,600. Osifo believes this would significantly reduce the cost of petrol production and ultimately lead to lower prices at the pump.

“The solution we are proposing, if implemented, will bring prices back to what they were in June last year,” he explained. Osifo further emphasized that no responsible government allows its critical sectors to be left at the mercy of market forces, calling on the Nigerian government to take a more hands-on approach in regulating the oil sector to shield it from the volatility of the naira.

Watch the video below;

https://x.com/channelstv/status/1844443827886538909?t=sP03tnm97ZT8kNviqIlP0A&s=19

He highlighted the essential role petrol plays in the daily lives of Nigerians, not just for vehicle owners but for all households, and called for a deliberate effort to ensure fuel remains affordable, available, and accessible to everyone.

The TUC President also urged the government to issue licenses to all marketers, allowing them to lift petrol from the Dangote Refinery through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Additionally, he suggested that if the Dangote Refinery is unable to meet the country’s daily fuel consumption needs, the Nigerian National Petroleum Corporation Limited (NNPCL) should import refined petrol from other sources to fill the gap.

“If Dangote Refinery produces less than 15 million litres per day, it won’t be enough to meet demand. We need to ensure that alternative sources are available until the refinery can fully satisfy the country’s needs,” Osifo said.

This comes amid another round of petrol price hikes, with NNPCL retail outlets in Lagos and Abuja increasing prices again on Wednesday. In Lagos, NNPCL stations raised the price to ₦998 per litre, marking an increase of about ₦150 from the previous price of ₦855. This sudden hike led to panic buying and long queues at filling stations across the city.

Non-NNPCL stations followed suit, with some raising prices to as high as ₦1,050 per litre in parts of Lagos. Meanwhile, in Abuja, NNPCL outlets increased prices from ₦897 to ₦1,030 per litre. This latest spike in fuel prices follows a similar hike by NNPCL in early September when prices jumped from ₦568 to ₦855 per litre, sparking widespread public outrage.

As the situation continues to deteriorate, the TUC’s call for immediate intervention by the government echoes the frustrations of millions of Nigerians who are grappling with the economic impact of rising fuel costs.