The Trade Union Congress of Nigeria (TUC) has called on the Federal Government to channel excess crude oil revenue into subsidising local refineries to ease the burden of rising fuel costs on Nigerians.
TUC President, Festus Osifo, made the appeal during a press briefing in Abuja on Thursday, warning that the price of Premium Motor Spirit (petrol) could rise to as high as N2,000 per litre if urgent steps are not taken.
He said the steady increase in fuel prices, driven by fluctuations in global crude oil markets and exchange rate pressures, has worsened the cost of living for workers.
Osifo linked the situation to international developments, including tensions involving the United States, Israel and Iran, which he said have disrupted global oil supply and influenced pricing.
He also pointed to the depreciation of the naira as a major factor, noting that the weakening currency continues to drive inflation and erode workers’ purchasing power.
The labour leader urged the government to take proactive measures to stabilise the sector, warning that failure to act could deepen economic hardship across the country.
