The Trade Union Congress (TUC) has called on the federal government to revert petrol prices to their June 2023 levels, with the aim of further reducing them.
TUC President Festus Osifo, speaking at a press conference in Abuja, emphasized the need for government intervention in the oil sector, particularly through foreign exchange support for the Dangote Refinery.
Osifo proposed that the government provide foreign exchange to the Dangote Refinery at a reduced rate of $1/N1,000, compared to the current rate of $1/N1,600, as a strategy to lower petrol prices. “If the solution we are suggesting is adopted, we can return to the prices we had as of June 2023,” he stated.
Regarding fuel availability, Osifo noted that insufficient production is a significant issue.
He explained that if Dangote Refinery produces less than 15 million litres of petrol per day, it would not meet national demand.
He, therefore, urged the government to explore other sources of supply until the refinery can ramp up production to adequate levels, saying addressing availability is key to solving this crisis.
Since May 2023, the Nigerian National Petroleum Company Limited (NNPCL) has steadily increased petrol prices, with Lagos prices rising from ₦184 to ₦998.
In June 2023, the price per litre was around ₦450 in Lagos. As of Wednesday, NNPCL retail outlets in Lagos adjusted prices to ₦998 per litre, an increase of about ₦150 from the previous ₦855.
Independent marketers are now selling petrol for as high as ₦1,200 per litre.
