The Trade Union Congress (TUC) has called for the restoration of petrol prices to the levels seen in June 2023. Speaking at a press conference in Abuja, TUC President Festus Osifo emphasized that their demand goes beyond merely returning prices to the previous rates, but seeks to reduce them further. He urged the government to intervene by offering foreign exchange to the Dangote Refinery at a favorable rate of $1/N1,000, rather than the current exchange rate of over $1/N1,600, to help lower petrol prices.

Osifo argued that implementing this solution could restore petrol prices to the levels seen in June 2023, stressing the need for government intervention in the oil sector, just as other nations manage their critical industries. He noted that since May 2023, the Nigerian National Petroleum Company Limited (NNPCL) has significantly increased petrol prices, with the price per litre in Lagos rising from ₦184 to ₦998. By June 2023, the price had already climbed to ₦450 per litre.

The TUC President stressed that petrol must be affordable, accessible, and available for all Nigerians, noting that even households without cars are affected by rising prices. He called for all petrol marketers to be licensed to lift products from the Dangote Refinery and suggested that if the refinery cannot meet demand, NNPCL should import refined petrol from other sources. He explained that the refinery’s current production of 15 million litres per day is insufficient to meet national needs, so alternative sourcing is necessary until production ramps up.

On Wednesday, Nigerians faced another shock as NNPC retail outlets increased petrol prices once again, with prices in Lagos jumping to ₦998 per litre, up from ₦855. This increases panic buying, leading to long queues at filling stations. In Abuja, prices also surged to ₦1,030 per litre, echoing similar hikes from September. Although NNPCL has yet to issue an official statement on this recent spike, the company hinted at further increases after beginning to load its first petrol batch from the Dangote Refinery in mid-September.