The Trade Union Congress (TUC) has asked the federal government to use some of the extra money it makes from higher-than-expected crude oil prices to help local refineries buy crude oil.
Today, TUC President Comrade Festus Osifo delivered the advice while talking to the media about the State of the Nation in Abuja.
He specifically asked the government to collaborate with Dangote Refinery, saying that it would be a short-term solution to lower the price of oil goods across the country, according to the Daily Independent.
Osifo said that if quick action isn’t taken to lessen the effects of rising global crude costs and the falling value of the naira, the price of Premium Motor Spirit might rise to almost N2,000 per liter.
He said that Nigerians were already going through a lot of trouble because the price of gasoline was going up all throughout the country.
He said that the growing price of petroleum, which he partly blamed on tensions between Iran, Israel, and the United States, has made transportation and production more expensive, which has made life harder for workers.
He remarked, “Today, friends, we can see that the price of gas is getting close to N2,000 per liter, depending on where you live in the country.” “Right now, Nigerian workers are going through a lot of pain.”
Osifo said that the rise in the price of gas was already having an effect on the economy as a whole.
It is harming both industry and transportation in the same way. Diesel prices have also gone up, which means that production costs have gone up as well. He remarked, “When production costs go up, the price of goods on the shelves will also go up.”
Osifo said that if this keeps happening, the country’s falling inflation rate could go back up.
He said, “If this keeps happening, the inflation that we are currently celebrating as going down will go back up.”
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