According to a report by Vanguard on Thursday, April 9, 2026, the Trade Union Congress of Nigeria has raised concerns over a possible sharp increase in the price of Premium Motor Spirit across the country, warning that it could rise to about N2,000 per litre if urgent economic measures are not introduced.
The union attributed the potential surge to rising global crude oil prices and the continued depreciation of the naira, which it says are already placing significant pressure on fuel pricing and the wider economy.
The warning comes at a time when many Nigerians are still adjusting to earlier fuel price adjustments and increasing transportation costs.
The position was made known during a briefing in Abuja where the union addressed what it described as the worsening economic situation affecting workers and households.
The President of the union, Festus Osifo, explained that workers across the country are already experiencing severe hardship due to rising fuel costs.
He noted that the price of petrol in different parts of the country is already edging higher, depending on location and supply conditions, which has further increased the cost of living for many citizens.
The union also proposed immediate policy interventions aimed at reducing the pressure on fuel prices.
It called on the Federal Government to deploy a significant portion of excess crude oil revenue above the 2026 budget benchmark to support domestic refining operations.
According to the proposal, about 60 percent of this revenue could be directed toward subsidising crude feedstock supplies for local refineries, including the Dangote Refinery and other modular refineries operating in the country.
The union argued that such a measure could help reduce the cost of production and, in turn, lower the prices of petrol, diesel, and aviation fuel.
Osifo explained that the rationale behind the proposal is to stabilize fuel prices by strengthening domestic refining capacity and reducing dependence on imported petroleum products.
He suggested that improving access to crude feedstock at subsidised rates would allow refineries to produce fuel at more affordable costs, which could reflect at the pump within a short period.
The union maintained that this approach would help ease the financial burden on workers and transport operators who are directly affected by fuel price fluctuations.
He said: “Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.”
SOURCE: GamboAsur
