The Trade Union Congress has cautioned the Federal Government over a looming surge in petrol prices, warning that the cost could climb to ₦2,000 per litre if swift economic measures are not introduced.
Speaking at a press conference in Abuja, TUC President Festus Osifo attributed the growing pressure on fuel prices to the combined effects of rising global crude oil prices and the continued depreciation of the naira.
He noted that the situation has pushed many Nigerian workers into severe financial hardship.
Osifo explained that fuel prices in certain parts of the country are already approaching the ₦2,000 threshold.
To avert a broader economic crisis, the union recommended that 60 percent of surplus earnings from crude oil sales be redirected toward supporting domestic refining.
With the 2026 national budget benchmarked at $64.85 per barrel, and current prices hovering around $100, the TUC noted that there is substantial excess revenue available.
According to the union, these additional funds should be used to reduce the cost of crude supplied to facilities such as the Dangote Refinery and other modular refineries.
The TUC argued that subsidizing production at the refinery level would be more transparent and less prone to abuse compared to the previous fuel subsidy regime.
Osifo added that such an approach could lead to a reduction in the prices of petrol, diesel, and aviation fuel within two weeks.
He argued that: “Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.”
The TUC also expressed concern over the slow development of Compressed Natural Gas (CNG) infrastructure nationwide. While acknowledging the potential benefits of CNG buses, Osifo pointed out that their effectiveness remains limited due to the absence of refuelling stations along major highways, making them impractical for long-distance travel.
Beyond economic concerns, the union raised security issues, condemning the recent killings in Plateau State. Osifo urged the government to stop normalising such incidents and called for the deployment of advanced technology to strengthen military operations against insurgency.
The TUC disclosed plans to formally write to President Bola Tinubu, urging the immediate adoption of its crude subsidy proposal ahead of the next allocation of federation revenues.
Osifo warned that: “If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again.”
He further linked the persistent rise in fuel prices to the weakened naira, suggesting that the currency should ideally trade between ₦800 and ₦900 to the dollar to ease economic pressure on citizens.
