Petrol Price May Rise to ₦2,000 Per Litre Soon – TUC Raises Alarm
The Trade Union Congress (TUC) has issued a dire warning to the Federal Government, stating that petrol prices could hit ₦2,000 per litre if immediate economic interventions are not made.
During a press briefing in Abuja, TUC President Comrade Festus Osifo highlighted the double blow of rising global crude oil costs and the continuous fall of the naira.
He stressed that the current situation has placed Nigerian workers in a state of extreme financial distress.
Osifo noted that in some regions, fuel costs are already creeping toward that ₦2,000 mark. To prevent a total economic collapse, the TUC proposed that the government use 60 percent of the excess revenue generated from crude oil sales to subsidize local production. Since the 2026 budget was based on a crude price of $64.85 per barrel, the current market price of $100 leaves a significant surplus.
The union suggests using this “extra” money to lower the cost of crude supplied to the Dangote Refinery and modular refineries.
According to the TUC, subsidizing production at the refinery level is harder to manipulate than the previous petrol subsidy system. Osifo claimed that this strategy could drop the prices of petrol, diesel, and aviation fuel within just two weeks.
He argued that: “Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.”
The union leader also criticized the slow rollout of Compressed Natural Gas (CNG) infrastructure. He explained that while CNG buses are a good idea, they are currently useless for long-distance travel because there are no refilling stations on major highways. Beyond the economy, the TUC raised the alarm over the nation’s security.
Osifo condemned the recent killings in Plateau State, urging the government to stop treating massacres as a “norm” and to provide the military with modern technology to end the insurgency.
The TUC plans to send a formal letter to President Bola Tinubu to demand the implementation of the crude subsidy proposal before the next distribution of federation funds.
Osifo warned that: “If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again.”
He maintained that the high cost of fuel is directly linked to the naira’s value, suggesting the currency should ideally be trading between ₦800 and ₦900 to the dollar to provide relief.
