TUC suggests production subsidy to cut petrol prices
The Trade Union Congress is calling for a new approach to tackle high petrol prices in Nigeria. Festus Osifo, TUC President, has proposed a production subsidy for the Dangote Refinery and modular refineries. He argues that redirecting excess oil revenue to support local refining could help lower the cost of premium motor spirit for Nigerians. The Federal Government, however, remains firm on not reintroducing consumption subsidies or price controls.
What we know
- Festus Osifo proposed a production subsidy for local refineries during a television interview.
- He suggested using part of the excess oil revenue to subsidise crude for the Dangote and modular refineries.
- Petrol prices have recently surged from about ₦800 to around ₦1,300 per litre in some areas.
- The Federal Government has ruled out bringing back fuel subsidies or imposing price controls.
- Taiwo Oyedele, Nigeria’s Coordinating Minister of the Economy, reaffirmed the government’s commitment to market-driven reforms.
