- Osifo said the NNPCL should source refined petrol from other places if the Dangote Refinery cannot meet the current daily demands of Nigerians.
The Trade Union Congress [TUC] has demanded the federal government to revert petrol prices to June 2023 levels.
In May 2023, petrol prices surged past N500 per litre, far exceeding the subsidized N185 rate under the previous administration.
On Wednesday, the Nigerian National Petroleum Company [NNPC] Limited increased petrol prices across its retail outlets.
The price adjustment resulted in petrol selling for N998 per litre in Lagos and N1,003 per litre in Abuja.
The petrol price hike drew criticism, with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture [NACCIMA] warning of worsening inflation.
According to the Petroleum Products Retail Outlets Owners Association of Nigeria [PETROAN], the hike stems from difficulties in importing petrol.
At a Thursday press conference in Abuja, Festus Osifo, president of the Nigerian Trade Union Congress [TUC], urged the government to support Dangote Refinery with foreign exchange.
“We want the price of the product to go below what it was before; not just reverse to what it was before but to go below,” Osifo said.
“The government should specially intervene in the sector by giving foreign exchange to Dangote Refinery at $1/N1,000 and not at the current $over 1/N1,600 exchange rate to crash petrol prices.
“The solution we propose will restore June’s prices if implemented.
“No government leaves its critical sectors to market forces,” and the federal government “shouldn’t leave the oil sector to naira fluctuations.”
The Nigerian Trade Union Congress [TUC] president underscored petrol’s vital role, emphasizing affordability and availability for Nigerian households.
“We want the Federal Government to, through Nigerian Midstream and Downstream Petroleum Regulatory Authority [NMDPRA], grant marketers licenses to lift petrol from Dangote Refinery,” he said.
“If petrol is unavailable, it’s problematic. Dangote Refinery’s production must exceed 15 million litres daily.
“As Dangote Refinery ramps up production, we propose sourcing external supplies to bridge the gap.
“This will address availability concerns.”
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