Reverse Petrol Price Hike Immediately – TUC Tells FG, NNPC (give ultimatum)

The Trade Union Congress (TUC) has urged the Federal Government to reduce petrol prices, bringing them down to levels lower than what they were in June 2023.

This demand was made by TUC President Festus Osifo during a press briefing in Abuja on Thursday.

He said, “We demand that the price be brought down, not just to what it was before, but even lower.” Osifo called for government intervention in the sector by providing foreign exchange to the Dangote Refinery at a rate of $1 to ₦1,000, rather than the current rate of over ₦1,600, as a way of lowering petrol prices.

“The solution we are proposing, if implemented, will return prices to what they were in June last year,” Osifo said, adding that “no government in the world leaves its critical sectors to market forces” and that the Nigerian government should not allow the oil sector to be influenced solely by fluctuations in the naira.

Osifo emphasized the need for petrol to be affordable, available, and accessible to all Nigerians, pointing out that the commodity is essential to every household in the country, regardless of whether they own a vehicle.

He urged the Federal Government to issue licenses to all marketers to lift petrol from the Dangote Refinery through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Furthermore, Osifo suggested that the Nigerian National Petroleum Company Limited (NNPCL) should import refined petrol from other sources if the Dangote Refinery cannot meet Nigeria’s daily consumption needs. “If the product is not available, it’s a problem. For example, if Dangote Refinery produces less than 15 million litres per day, it won’t be enough,” he said.

He added that while efforts are underway to boost production at the Dangote Refinery, the NNPCL should source additional petrol from other suppliers until the refinery is fully able to satisfy the country’s demand.

Meanwhile, Nigerians faced yet another price hike on Wednesday when NNPCL retail outlets in Lagos and Abuja raised petrol prices. In Lagos, NNPCL stations increased the price to ₦998 per litre, roughly ₦150 higher than the previous price of ₦855. The sudden rise led to panic-buying, causing long queues at filling stations.

Non-NNPCL filling stations also followed suit, with some stations hiking prices as high as ₦1,050 per litre in certain parts of Lagos. In Abuja, NNPCL outlets raised prices from ₦897 to ₦1,030 per litre.

This latest hike follows a similar price increase by NNPCL on September 2, 2024, when prices rose from ₦568 to ₦855, sparking public outcry.