The Trade Union Congress (TUC) has urged the federal government to reduce petrol prices to the levels seen in June 2023, amid escalating costs and supply issues. Speaking during a press conference in Abuja, TUC President Festus Osifo called for the government to offer foreign exchange to the Dangote Refinery at a special rate of $1/N1,000, compared to the prevailing $1/N1,600, as a measure to lower petrol prices.

“The solution we are proposing, if implemented, will take us back to the price we had as of June last year,” Osifo stated. Osifo also addressed the challenge of fuel supply, noting that the Dangote Refinery’s current daily output of less than 15 million litres falls short of meeting national demand. He suggested the government explore alternative sources to bridge the supply gap until the refinery’s production ramps up.

Since May 2023, petrol prices have spiked, with the Nigerian National Petroleum Company Limited (NNPCL) increasing prices from ₦184 in Lagos to as high as ₦998 per litre. By Wednesday, NNPCL outlets in Lagos were selling petrol for ₦998 per litre, while independent marketers priced it at around ₦1,200 per litre.