TUC Warns Petrol Prices May Hit ₦2,000 Per Litre Soon

The Trade Union Congress (TUC), led by President Festus Osifo, has issued a dire warning that petrol prices in Nigeria could rise to ₦2,000 per litre if the federal government does not intervene economically. During a press briefing in Abuja, Osifo highlighted the dual impact of increasing global crude oil prices and the depreciating naira, which has placed Nigerian workers in severe financial distress.

He noted that fuel prices in some regions are already approaching the ₦2,000 mark, which could lead to a total economic collapse. The TUC proposed that the government utilize 60 percent of the excess revenue generated from crude oil sales to subsidize local products in the 2026 budget, based on a crude price of $64.85 per barrel, while the current market price is around $100.

Osifo criticized the slow rollout of compressed natural gas (CNG) infrastructure and announced plans to send a formal letter to President Bola Tinubu to demand the implementation of crude subsidies. He warned that unchecked inflation could reverse recent economic progress.