Petrol Price May Hit ₦2,000 Per Litre as TUC Warns Tinubu, Proposes Crude Revenue Subsidy Plan
The Trade Union Congress (TUC) has sounded a strong warning to the Federal Government, cautioning that petrol prices may surge to as high as ₦2,000 per litre if urgent economic measures are not introduced.
At a press briefing held in Abuja, TUC President, Festus Osifo, drew attention to the combined impact of escalating global crude oil prices and the persistent depreciation of the naira. He emphasized that these factors are pushing Nigerian workers into severe financial hardship.
Osifo explained that in several parts of the country, fuel prices are already approaching the ₦2,000 threshold. To avert a deeper economic crisis, the union proposed that the government allocate 60 percent of excess revenue from crude oil sales toward subsidizing domestic production. With the 2026 budget benchmarked at $64.85 per barrel and current prices hovering around $100, a substantial revenue gap now exists.
The TUC recommended channeling this surplus into reducing the cost of crude supplied to the Dangote Refinery and other modular refineries.
The union argued that targeting subsidies at the production stage is significantly less prone to abuse compared to the former petrol subsidy framework. Osifo, according to details obtained by PulseNets, maintained that such an approach could lead to a reduction in the prices of petrol, diesel, and aviation fuel within a two-week window.
He stated: “Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.”
Beyond fuel pricing concerns, the TUC president also criticized the sluggish rollout of Compressed Natural Gas infrastructure. He noted that while the introduction of CNG buses is commendable, the absence of refilling stations along major highways renders them impractical for long-distance travel.
On national security, Osifo condemned the recent killings in Plateau State, insisting that the government must stop normalizing such incidents. He urged authorities to equip the military with advanced technology capable of effectively addressing insurgency.
PulseNets learnt that the TUC is preparing to formally write to President Bola Tinubu, demanding the immediate adoption of its crude subsidy proposal ahead of the next federation account allocation.
Also Read: Dangote Refinery Hikes Petrol Price to N1,245/Litre as Global Oil Crisis Deepens
Osifo warned: “If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again.”
He further linked the rising cost of fuel to the weakening naira, noting that the currency should ideally stabilize between ₦800 and ₦900 against the dollar to ease economic pressure on citizens.
