Babatunji Wusu –
- TUC calls for petrol prices to drop below June 2023 levels.
- Government intervention is necessary, including favorable foreign exchange rates for the Dangote Refinery.
- Ensuring affordability and accessibility of petrol is critical for all Nigerians.
- NNPCL’s recent price hikes have caused public concern and panic-buying.
The Trade Union Congress (TUC) is advocating for a significant reduction in petrol prices, urging the Nigerian government to lower them below the levels recorded in June 2023. During a press briefing in Abuja on Thursday, TUC President Festus Osifo emphasized the need for a price decrease not just to previous levels, but even lower.
Osifo highlighted the necessity for government intervention in the oil sector, proposing that foreign exchange be provided to the Dangote Refinery at a favorable rate of $1 to ₦1,000, compared to the current rate exceeding ₦1,600. “The solution we are proposing, if implemented, will restore prices to those of June last year,” he stated. He asserted that “no government in the world allows its critical sectors to be governed solely by market forces,” urging the Nigerian government to similarly protect the oil sector from the volatility of the naira.
The TUC president underscored the critical importance of ensuring petrol remains affordable, available, and accessible to all Nigerians, regardless of vehicle ownership. He called on the Federal Government to authorize all marketers to lift petrol from the Dangote Refinery through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Moreover, Osifo suggested that the Nigerian National Petroleum Company Limited (NNPCL) should import refined petrol from alternative sources if the Dangote Refinery fails to meet the country’s daily consumption needs. “If the product is not available, it’s a problem,” he noted, indicating that the refinery’s current production capacity of less than 15 million litres per day is insufficient.
Following another price hike on Wednesday, NNPCL retail outlets in Lagos and the Federal Capital Territory (FCT) increased petrol prices, with Lagos stations raising prices to ₦998 per litre—₦150 more than the previous price of ₦855. This abrupt rise triggered panic-buying and long queues at filling stations. Non-NNPCL stations quickly adjusted their prices, with some reaching as high as ₦1,050 per litre in parts of Lagos. In Abuja, NNPCL outlets raised prices from ₦897 to ₦1,030 per litre. This increase follows a prior hike on September 2, 2024, which had seen prices surge from ₦568 to ₦855, provoking widespread public outrage.
