The Trade Union Congress (TUC) has urged the Federal Government to reverse the petrol pump price to what it was in June 2023, aiming to alleviate the suffering of Nigerians.
TUC President, Comrade Festus Osifo, made this call in Abuja on Thursday during a press conference. He emphasized the need for the government to take decisive action to reduce the exchange rate and ensure that Nigeria’s refineries become operational, all with the aim of further lowering fuel prices and reducing the hardships faced by citizens.
“We want the price of petrol to go even lower than what it was before June 2023,” Osifo said. He also urged the government to stabilize the sector by providing foreign exchange to Dangote Refinery at a preferential rate of ₦1,000 to $1, instead of the current rate of over ₦1,600.
The TUC President further explained that providing foreign exchange to the Dangote Refinery at a preferential rate, if implemented, could restore petrol prices to June 2023 levels. He noted that no government in the world allows its key sectors to be completely dictated by market fluctuations and urged the Federal Government to actively manage the oil sector.
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Since June 2023, petrol prices in Nigeria have surged, with the Nigerian National Petroleum Company Limited (NNPCL) raising prices from ₦184 to ₦998.
Comrade Osifo also stressed the importance of ensuring that petrol remains accessible and affordable for all Nigerians, describing it as a critical necessity for every household.
Furthermore, the TUC demanded that petrol be made more affordable, available, and accessible. “We are calling on the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to grant all marketers licenses to lift petrol from the Dangote Refinery,” Osifo added.
He also suggested that the NNPCL should seek alternative sources of refined petrol if the Dangote Refinery is unable to meet the daily demand.
“If Dangote’s production falls short of 15 million litres per day, it won’t be sufficient. As efforts continue to ramp up production at Dangote, we are asking the government to find other sources in the meantime to meet the shortfall. This would ensure the availability of petrol across all parts of Nigeria,” Osifo concluded.
More details later.
