The Trade Union Congress of Nigeria has warned that petrol prices could soar to ₦2,000 per litre if the Federal Government fails to implement urgent economic measures.
Speaking during a press briefing in Abuja, TUC President, Festus Osifo, attributed the looming crisis to rising global crude oil prices and the continued depreciation of the naira, noting that Nigerian workers are already under severe financial strain.
He said fuel prices in some parts of the country are already approaching the ₦2,000 threshold, describing the situation as unsustainable.
“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,” Osifo said.
To address the situation, the union proposed that the government channel 60 percent of excess revenue from crude oil sales into subsidising local refining. With the 2026 budget benchmarked at $64.85 per barrel and current prices hovering around $100, the TUC said there is sufficient surplus to implement the plan.
The union recommended that the funds be used to reduce the cost of crude supplied to the Dangote Refinery and other modular refineries, arguing that production-level subsidies are less prone to abuse than previous petrol subsidy regimes.
According to Osifo, such a move could lead to a reduction in the prices of petrol, diesel, and aviation fuel within weeks.
The TUC also criticised the slow rollout of Compressed Natural Gas (CNG) infrastructure, noting that while CNG-powered buses offer a viable alternative, their effectiveness is limited by the absence of refuelling stations along major highways.
Beyond economic concerns, the union raised alarm over the country’s security challenges, particularly recent killings in Plateau State. Osifo urged the government to stop treating such incidents as routine and to equip security agencies with modern technology to tackle insurgency.
The TUC said it plans to formally write to Bola Ahmed Tinubu, demanding immediate implementation of its proposals before the next allocation of federation revenues.
Osifo further warned that failure to act could reverse recent gains in inflation control.
“If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again,” he said.
He added that the high cost of fuel is closely tied to the weakness of the naira, suggesting that the currency should ideally trade between ₦800 and ₦900 to the dollar to ease economic pressure on citizens.
