TUC Urges Subsidy to Combat Rising Fuel Prices

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 amid rising fuel prices. During a press briefing in Abuja on Thursday, Osifo warned that the price of petrol could climb to N2,000 per liter if urgent measures are not taken.

He attributed the increase in pump prices to global crude oil price volatility and exchange rate challenges, which exacerbate economic hardships for Nigerian workers. Osifo linked the rising petrol costs to international developments, including tensions between the United States and Iran, affecting global oil supply.

He proposed that the government utilize at least 60% 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. The TUC emphasized that stabilizing the exchange rate is crucial to reducing the cost of imported energy goods and alleviating inflationary pressures on workers' earnings.