Petrol Might Reach N2,000/Litre Without Urgent Action – TUC

Petrol

The Trade Union of Nigeria, TUC, has raised the alarm that the price of Premium Motor Spirit might climb to about N2,000 per litre soon. The TUC President, Comrade Festus Osifo, recently had its say while briefing journalists in Abuja on the state of the nation, and Nigerians have been reacting.

According to him, if urgent measures are not taken to cushion the impact of rising global crude prices and the depreciating naira, the cost of petrol will continue to surge across the country.

He urged the Federal Government to immediately deploy 60 per cent of excess crude oil revenue above the 2026 budget benchmark to subsidise crude feedstock supplies to the Dangote Refinery and other modular refineries.

His words, “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 same way it is affecting transportation, it is also affecting manufacturing. The cost of diesel has also gone northward, meaning that the cost of production has increased. When production costs rise, the final price of goods on the shelves will also skyrocket.

If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again.

Take at least 60 percent of that excess fund—about $20 per barrel—and use it to subsidise the crude that is being supplied to Dangote Refineries and all modular refineries that predominantly produce AGO (diesel).

When you subsidise crude, it doesn’t have the ability to be abused because you are subsidising production directly. I can assure you that in the next one to two weeks, the price of PMS, AGO, and jet fuel will go down immediately.

It is really sad to see Nigerians being killed like chickens. It’s not becoming a norm that when people are killed, we release a statement, leave the situation, and the next day it continues.

It is a country that is secure that you start thinking about development. If a country is not secure, it is not favourable to build roads, hospitals, or schools.

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.”

WOW.