The Trade Union Congress of Nigeria (TUC) has warned that petrol prices in Nigeria could climb to as high as ₦2,000 per litre if urgent measures are not taken to address current economic pressures.
TUC President, Festus Osifo, made the warning while speaking to journalists, urging the Federal Government to intervene by allocating 60% of excess crude oil revenue above the 2026 budget benchmark to subsidise crude supply for refineries.
He specifically suggested supporting facilities like the Dangote Refinery and other modular refineries, noting that such action could reduce the prices of petrol, diesel, and aviation fuel within weeks.
Osifo highlighted the growing hardship faced by Nigerians, stating that fuel prices are already nearing ₦2,000 per litre in some areas. He explained that rising petrol and diesel costs are increasing transportation and production expenses, which are then passed on to consumers through higher prices of goods.
He further warned that if the situation is not addressed, it could reverse recent improvements in inflation and deepen the cost-of-living crisis.
Describing the proposal as urgent and practical, the TUC stressed that swift government action is necessary to stabilise fuel prices and protect the livelihoods of Nigerian workers.
