The Trade Union Congress of Nigeria (TUC) has cautioned that the pump price of Premium Motor Spirit (petrol) could rise to about ₦2,000 per litre if swift action is not taken to address soaring global crude oil prices and the continued depreciation of the naira.
To avert this, the union urged the Federal Government to channel 60 percent of excess crude revenue above the 2026 budget benchmark into subsidising crude supply for the Dangote Refinery and other modular refineries. According to the TUC, this step could significantly reduce the prices of petrol, diesel, and aviation fuel within two weeks.
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Speaking at a press briefing in Abuja on Thursday, TUC President, Comrade Festus Osifo, said Nigerians
particularly workers are already grappling with severe economic hardship as fuel prices continue to climb nationwide.
“Across different parts of the country, petrol prices are already nearing ₦2,000 per litre. Nigerian workers are currently enduring intense financial strain,” he said.
Osifo noted that the rising cost of petrol is having widespread effects on the economy, especially on transportation and manufacturing.
“As fuel prices increase, transportation costs rise. At the same time, diesel prices have also surged, driving up production costs. Naturally, this leads to higher prices for goods in the market,” he explained.
He further warned that the current decline in inflation could be short-lived if the situation is not addressed promptly.
“If this trend persists, the slight drop in inflation we are witnessing may reverse, pushing prices upward once again,” he added.
Describing the proposal as an urgent relief measure, Osifo said it is necessary to cushion the hardship faced by Nigerians as petrol prices approach ₦2,000 per litre in some areas.
He also pointed out that the 2026 Appropriation Act set the crude oil benchmark at $64.85 per barrel.
However, with global prices currently hovering around $100 per barrel largely due to tensions in the Middle East and disruptions along the Strait of Hormuz the government is earning an estimated excess of $35.15 per barrel.
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