TUC Calls for Fuel Subsidy Amid Rising Prices in Nigeria

The Trade Union Congress of Nigeria (TUC), represented by its president Festus Osifo, has urged the federal government to deploy excess crude oil revenue to subsidize local refineries to mitigate the impact of rising fuel prices. During a press briefing in Abuja on Thursday, Osifo warned that the price of Premium Motor Spirit (petrol) could escalate to N2,000 per liter if urgent measures are not implemented.

He attributed the increase in pump prices to global crude oil price volatility and exchange rate challenges, which are exacerbating economic hardships for Nigerian workers. Osifo linked the rising petrol costs to the depreciation of the naira and ongoing international tensions affecting global oil supply.

He proposed that the government utilize at least 60 percent of excess revenue generated when crude oil prices exceed the budget benchmark of $64.85 per barrel to support local refineries, including Dangote and modular refineries. TUC emphasized that stabilizing the exchange rate would significantly reduce the cost of imported energy goods.