TUC Demands Return to June 2023 Fuel Prices, Sale of Dollar at ₦1,000 to Dangote from FG

The Trade Union Congress (TUC) of Nigeria has made a major appeal to the Federal Government, urging them to revert petrol prices to their levels in June 2023.

This call comes amidst escalating fuel costs, which have surged from ₦184 in Lagos to over ₦900 nationwide following the removal of subsidies announced by President Bola Tinubu on May 29, 2023. The TUC's demand is not just for a reversion but for prices to "go even lower than what it was before June 2023," as stated by TUC President Festus Osifo.

The TUC has also proposed a special foreign exchange intervention for the Dangote Refinery, suggesting that the government sell dollars at a rate of ₦1,000 to the refinery.

This measure aims to alleviate the high cost of petroleum products, particularly Premium Motor Spirit (PMS), in Nigeria. Osifo emphasized the necessity of government intervention in critical sectors, stating, "There's no government in the world that doesn't intervene in its critical sector."

Furthermore, the TUC highlighted the importance of ensuring the availability, affordability, and accessibility of petrol for all Nigerians. They urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to grant licenses to all marketers to lift petrol from the Dangote Refinery.

The union also called for sourcing refined petrol from other suppliers if the Dangote Refinery cannot meet the current daily demands of Nigerians, which is crucial for addressing the issue of availability.