*Warns Against PMS Rising to N2,000 Per Litre
By Moses Akwashiki, Abuja
The Trade Union Congress of Nigeria (TUC) has called on the Federal Government to supply crude oil to the Dangote Refinery at subsidised rates as part of urgent measures to cushion the economic hardship facing Nigerians following the rising cost of Premium Motor Spirit (PMS).
The President of the TUC, Festus Osifo,during an engagement with journalists in Abuja, warned that the price of PMS could climb as high as N2,000 per litre if urgent steps are not taken.
He explained that making crude oil available to the refinery at reduced cost would lower refining expenses and ultimately bring down the pump price of petrol, thereby easing the burden on citizens.
Osifo said“Today, comrades, we are seeing that the cost of petroleum is moving towards N2,000 per litre, depending on the part of the country you are. Nigerian workers are facing excruciating hardship as we speak.”
He attributed the surge in fuel prices partly to global tensions involving the United States, Israel, and Iran, which have affected crude oil supply chains and contributed to rising costs.
According to him, the situation has made transportation increasingly unaffordable for workers, with public transport fares soaring, while those who rely on private vehicles struggle to cope with the high cost of fuel.
“The rising cost of diesel (AGO) has also increased the cost of manufacturing. When production costs go up, the final price of goods also increases, and that burden is transferred to consumers,” he added.
Osifo warned that if the trend continues, it could reverse the recent decline in inflation and worsen the economic outlook for Nigerian workers.
On government interventions such as the introduction of Compressed Natural Gas (CNG) buses, the TUC president acknowledged the initiative but described it as a long-term solution hindered by inadequate infrastructure.
“If you are driving a CNG-powered vehicle today and run out of fuel, where do you refill? The infrastructure is simply not there yet. The same applies to electric vehicles without adequate charging facilities,” he noted.
He urged the government to accelerate investment in CNG infrastructure while also providing immediate relief to citizens.
Osifo further proposed that the Federal Government utilise excess revenue generated from crude oil sales above the budget benchmark of $64.85 per barrel to subsidise crude supply to the Dangote Refinery.
“What we are saying is simple: take at least 60 percent of the excess revenue and use it to subsidise crude supplied to the refinery. When the cost of feedstock drops, the pump price of petrol will also reduce,” he said.
On insecurity, Osifo called on the government to take decisive action to curb the persistent violence across the country, describing the situation as alarming and unacceptable.
He referenced recent attacks in Plateau State, particularly in Rukuba area, where several lives were lost, stressing that the continuous killings of Nigerians must not be allowed to become normalised.
“This is one death too many. It is heartbreaking to see Nigerians being killed in such a brutal manner. We cannot continue to respond with statements alone while the situation persists,” he said.
While acknowledging the efforts of security agencies, Osifo emphasised the need for more effective and proactive measures to protect lives and property.
He concluded that addressing insecurity alongside implementing economic relief policies is critical to improving the welfare and purchasing power of Nigerian workers.
