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Revert Petrol To Price It Was In June 2023 – TUC Tells FG

Published

2 months ago

Oct 10, 2024.

The Trade Union Congress (TUC) has called on the Federal Government to reduce petrol prices, urging them to lower costs even below June 2023 levels. TUC President Festus Osifo made this appeal during a press briefing in Abuja on Thursday.

“We demand that the price be brought down, not just to what it was before, but even lower,” Osifo stated.

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EKO HOT BLOG reports that he proposed that the government intervene by providing foreign exchange to the Dangote Refinery at a rate of ₦1,000 per dollar, instead of the current rate of over ₦1,600, to help bring down petrol costs. According to Osifo, this measure could restore prices to last year’s levels.

“No government in the world leaves critical sectors to market forces,” Osifo emphasized, adding that the Nigerian government should not allow the oil sector to be dictated by fluctuations in the naira.

He stressed the need for affordable petrol to be available to all Nigerians, regardless of whether they own vehicles.

Osifo also urged the government to issue licenses for all marketers to lift petrol from the Dangote Refinery through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

He suggested that if the refinery’s output falls short of meeting the country’s needs, the Nigerian National Petroleum Company Limited (NNPCL) should source refined petrol elsewhere to fill the gap.

Petrol Price TUC

“If the Dangote Refinery produces less than 15 million litres per day, it won’t be enough,” Osifo warned, recommending that NNPCL import additional supplies until local production can meet demand.

The call comes after Nigerians were hit with another petrol price hike, as NNPCL retail outlets in Lagos and Abuja increased prices to ₦998 and ₦1,030 per litre, respectively.

The surge, which triggered panic-buying and long queues, followed a previous hike in September, when prices rose from ₦568 to ₦855 per litre, causing public outrage.