By Editor Mahmoud Muhammad
The Trade Union Congress of Nigeria (TUC) has warned that the price of petrol could surge to as high as ₦2,000 per litre if urgent steps are not taken to address mounting economic pressures.
Speaking to journalists on Thursday, the TUC President, Festus Osifo, urged the Federal Government to act swiftly by deploying 60 per cent of excess crude oil revenue above the 2026 budget benchmark to subsidise crude supply to the Dangote Refinery and other modular refineries.
According to him, such an intervention could significantly reduce the pump prices of petrol, diesel and aviation fuel within a matter of weeks.
Osifo painted a stark picture of the current situation, noting that petrol prices are already approaching ₦2,000 per litre in some parts of the country, placing immense strain on Nigerian workers.
“Workers are going through excruciating hardship,” he said. “The rising cost of petrol is not only affecting transportation but also driving up production costs. Diesel prices have also increased, and this has a direct impact on manufacturing.”
He explained that as production costs climb, the burden is inevitably transferred to consumers through higher prices of goods, worsening the cost-of-living crisis.
The labour leader further warned that if the trend continues unchecked, the recent moderation in inflation could be reversed, pushing prices upward once again.
Osifo described the proposal as an urgent and practical measure to ease the growing financial pressure on Nigerians, stressing that timely government intervention is critical to stabilising fuel prices and safeguarding livelihoods.
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