The Trade Union Congress (TUC) of Nigeria has warned that the price of petrol (Premium Motor Spirit) could reach ₦2,000 per litre unless the Federal Government takes immediate intervention measures.

As of April 9, 2026, the TUC President, Festus Osifo, highlighted that petrol costs are already edging toward this mark in various parts of the country. This warning follows a period of significant volatility in the energy sector, exacerbated by a global oil crisis and domestic supply challenges. 

• Subsidizing Local Refineries: The union proposed that the government use approximately 60% of excess funds from higher-than-budgeted international crude oil prices (currently around $100 per barrel) to subsidize crude supplied to the Dangote Refinery and other modular refineries.
• Currency Stabilization: A major driver of the price hike is the naira’s volatility. The TUC emphasized the need to stabilize the exchange rate, ideally within the range of ₦800 to ₦900 per dollar, to reduce the cost of imported energy.
• Economic Ripple Effects: Rising fuel costs are directly increasing production and transportation costs, which the TUC warns could reverse recent gains in controlling inflation.
• Impact on Workers: The union noted that current fuel prices have severely eroded the purchasing power of salaries, leading to demands for a significant review of the national minimum wage.