TUC Demands Immediate Reduction in Fuel Prices, Urges Government to Intervene in Oil Sector

The Trade Union Congress (TUC) has called for a swift reversal in fuel prices, urging the Federal Government to lower costs to the levels seen in June 2023. TUC National President, Festus Osifo, voiced these concerns during a press briefing in Abuja on Thursday, stressing the need for government intervention to stabilize the oil sector.

Osifo emphasized the importance of affordable and accessible petrol for all Nigerians, urging the Federal Government to supply foreign exchange to the Dangote Refinery to ensure stable fuel production. “We want the price of the product to go below what it was before; not just reverse to what it was before but to go below,” Osifo said, underscoring the urgency of lowering fuel prices. He further argued that no government should leave its critical sectors vulnerable to market fluctuations, adding that the Federal Government “shouldn’t leave it [the oil sector] to the vagaries and gyration of our naira.”

Nigerians faced another surge in fuel prices this week, leading to widespread criticism from the Nigeria Labour Congress. The TUC has aligned with this outcry, urging immediate action from the government to tackle the growing economic pressure.

Highlighting the central role of fuel in everyday Nigerian life, Osifo stated that even households without vehicles rely heavily on the availability and affordability of the product. He called for the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue licenses allowing marketers to lift petrol directly from the Dangote Refinery.

Osifo also expressed concern about the refinery’s production capacity, urging the Nigerian National Petroleum Company Limited (NNPCL) to explore alternative sources of refined petrol if the Dangote Refinery cannot meet demand. “If, for example, the production from Dangote Refinery is less than 15 million litres per day, it is not sufficient,” Osifo explained. He emphasized the need to import fuel in the interim until the refinery could ramp up production to meet national demand, stating, “For us, that is key because it will address the issue of availability.”