TUC Warns Petrol Could Reach ₦2,000/Litre, Urges FG to Subsidise Crude Feedstock

The Trade Union Congress (TUC) has raised concerns that petrol prices may surge to around ₦2,000 per litre due to rising global crude costs and a weakening naira. TUC President Festus Osifo called on the Federal Government to allocate 60% of excess crude revenue above the 2026 budget benchmark to cushion crude feedstock supplies at Dangote and other modular refineries. He says this move could slash petrol, diesel and jet fuel prices within two weeks. Osifo noted that with international crude trading near $100 per barrel—well above the $64.85 benchmark—Nigeria is earning roughly $35 extra per barrel. Redirecting about $20 of that surplus into feedstock subsidies would remove risks of diversion and ease production costs for transport and manufacturing. The union warns that unchecked fuel price hikes could reverse recent gains in inflation control and deepen the economic pain for Nigerian workers.

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