TUC Urges Federal Government to Restore Petrol Prices to June 2023 Levels

 

The Trade Union Congress (TUC) has called on the federal government to revert petrol prices to their June 2023 rates, following the recent hike in pump prices by the Nigerian National Petroleum Company (NNPC) Limited. This appeal comes after NNPC raised the price of petrol across its retail outlets nationwide.

Prior to the removal of the petrol subsidy announced by President Bola Tinubu on May 29, 2023, petrol prices ranged between N195 and N238 per litre. However, with the latest increase, prices have skyrocketed to N998 per litre in Lagos and N1,003 per litre in Abuja.

Speaking at a press conference in Abuja on Thursday, October 10, TUC President Festus Osifo called for more than just a reversal to previous prices. "We want the price of the product to go below what it was before," Osifo stated, proposing measures to lower prices significantly.

Osifo suggested that the government should offer the Dangote Refinery access to foreign exchange at a rate of $1 to N1,000, instead of the current rate of over $1 to N1,600. He explained that this adjustment would help bring down the cost of petrol to the level it was in June last year.

The TUC president also emphasized the need for the government to support the oil sector and not leave it vulnerable to the fluctuating value of the naira. He further urged the government to issue licenses to independent marketers to lift petrol directly from the Dangote Refinery.

Osifo highlighted the importance of ensuring the availability of petrol for Nigerians, warning that insufficient production from the Dangote Refinery, currently below 15 million litres per day, could lead to widespread shortages. "As efforts are made to ramp up production, the government must explore other means to bridge the gap until the refinery can meet national demand," he concluded.