The Trade Union Congress (TUC) has urged the federal government to revert petrol prices to their June 2023 levels, a day after the Nigerian National Petroleum Company (NNPC) Limited increased prices at its retail outlets.
Before President Bola Tinubu’s announcement of petrol subsidy removal on May 29, 2023, the product sold for between N195 and N238 per liter nationwide. However, recent adjustments have pushed prices to N998 per liter in Lagos and N1,003 per liter in Abuja.
At a press conference in Abuja on Thursday, October 10, TUC President Festus Osifo called for prices to be lowered below pre-subsidy levels. He proposed that the government provide foreign exchange to Dangote refinery at a rate of $1/N1,000 instead of the current rate of over $1/N1,600, which he believes would significantly reduce petrol prices.
“The solution we are proposing, if implemented, will take us to the price we had as of June last year,” Osifo said.
He emphasized the importance of the oil sector to the nation and criticized the government for neglecting it. Osifo also urged the government to issue licenses to independent marketers in the country to increase petrol availability.
“We want the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to give all marketers licenses to lift petrol from the Dangote Refinery,” he said.
The TUC president warned that a shortage of petrol could pose a significant problem for many Nigerians. He emphasized the need to ensure adequate supply while ramping up production at the Dangote Refinery.
