Trade Union Congress of Nigeria (TUC) has warned that Premium Motor Spirit (PMS), or petrol, prices could surge to N2,000 per litre without immediate action to counter rising global crude costs and naira depreciation.
TUC President Festus Osifo, speaking to newsmen on Thursday, urged the Federal Government to allocate 60 percent of excess crude revenues above the 2026 budget benchmark of $64.85 per barrel to subsidise crude supplies to Dangote Refinery and modular refineries.
With international crude hovering around $100 per barrel amid Middle East tensions and the Strait of Hormuz blockade, the excess yield of about $35.15 per barrel could fund $20 per barrel in subsidies for feedstock, primarily Automotive Gas Oil (AGO) or diesel production.
Osifo stressed this targeted intervention at the production stage avoids past subsidy abuses, promising petrol, diesel, and jet fuel price drops within one to two weeks.
“Nigerian workers face excruciating pain as transport and manufacturing costs soar, pushing goods prices higher and risking inflation reversal,” he said, noting current petrol edging towards N2,000 per litre in parts of the country.
