Fuel Price Don Reach N1500, Labour and PETROAN Demand Urgent Government Action

As petrol price dey near N1,500 per litre for Nigeria, labour unions, business groups, and petroleum marketers don dey shout say government must take urgent palliative measures to cushion the economic hardship wey dey affect families and businesses. The rising price na because of Middle East tensions wey dey affect global oil market, and e don expose Nigeria lack of strategic petroleum reserves to manage external shocks.

Comrade Benson Upah, wey be Acting General Secretary of Nigeria Labour Congress (NLC), talk to LEADERSHIP say the current volatility for global oil market don show say Nigeria no get foresight. “Countries wey get foresight dey build strategic petroleum reserves to absorb sudden disruptions and stabilise domestic markets. Nigeria appear say e no get such buffers, as the immediate impact of the crisis on local pump prices don show,” Upah yarn. E warn say while government fit dey benefit from increased crude oil revenues, these gains fit short-lived if urgent interventions no dey implemented to protect citizens and the economy.

For immediate solution, Upah urge government to ensure say dem supply crude oil in naira to local refineries, especially Dangote Refinery, to boost domestic production and reduce reliance on imports. For long term, e emphasise the need for establishment of strategic reserves nationwide to mitigate future shocks. “Geopolitical upheavals, especially of the magnitude in the Middle East, provoke shocks in the global oil market. These shocks dey particularly fundamental given say the Middle East na home to some of the world largest oil and gas reserves, infrastructure, and transportation systems,” Upah explain.

NLC President, Comrade Joe Ajaero, add say the development suppose serve as wake-up call for economic managers to pursue policies wey go guarantee economic independence for Nigeria. “No nation achieve economic freedom by exporting jobs and importing prices. Government must immediately halt the vandalism of the public sector and bring Port Harcourt, Warri, and Kaduna refineries back on stream—not as favour, but as right of Nigerian people to shield themselves from hostile global order,” Ajaero talk. E describe how the current fuel situation dey take heavy toll on workers and their families, with transportation cost becoming noose around workers necks and food inflation galloping.

For NUPENG side, President Comrade Williams Akporeha urge Federal Government to introduce temporary relief measures, including reintroduction of fuel subsidy as bailout for Nigerians. “This na the period when our government suppose offer hope to Nigerians, having gained significantly from subsidy removal for previous months, to shield citizens from current oil price hike,” Akporeha talk.

Private sector don also join the call for action. Dr Muda Yusuf, Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE), call on government to adopt immediate measures to prevent further economic hardship. “Current surge in global energy prices, largely triggered by geopolitical tensions in Middle East, once again highlight the vulnerability of businesses and economies to external shocks in global energy markets,” Yusuf yarn. E suggest say for Nigerian businesses, resilience go depend on improving energy efficiency, diversifying energy sources, and enhancing logistics efficiency.

Gbenga Komolafe, General Secretary of Federation of Informal Workers of Nigeria (FIWON), stress the urgency of stabilising domestic fuel prices. “Although Dangote Refinery, the only functional refinery for Nigeria, at the pre-February 28 crude price, ensuring stable domestic prices of petroleum products na imperative. This don become all the more necessary to stabilise economy wey still dey reel from effects of President Tinubu radical neoliberal reforms,” Komolafe talk.

Tilewa Adebajo, chief executive of CFG Advisory, warn say businesses must not exploit rising prices. “There go be social impact, but as people start increasing prices for transport and other goods, government need to ensure say price increases dey proportionate,” Adebajo talk, noting say petrol prices don surge nearly 59 per cent since February. Hamma Kwajaffa, director-general of Nigerian Textile Manufacturers Association (NTMA), highlight the global context of the price increase and warn say inflation fit rise further unless government intervene.

For small business side, Dr. Femi Egbesola, national president of Association of Small Business Owners of Nigeria (ASBON), describe the impact on SMEs as severe. “Small businesses don suffer additional shocks and multiple headwinds, with significant losses and setbacks due to fuel price increase as result of subsidy removal. Many no dey run profitably again, with sales dropping sharply, cash availability falling, and some businesses becoming moribund or closing entirely,” Egbesola explain.

Meanwhile, Mohammed Idris, Minister of Information, talk say Nigeria dey ready to support global energy stability amid Middle East tensions. “With the world in need of oil, Nigeria dey available to help. Whatever Nigeria fit do to ease tension, e go do. World need oil, and Nigeria dey there,” Idris yarn. E also highlight President Bola Tinubu engagements abroad, emphasising their importance in strengthening relations with United Kingdom.

For transport sector, groups dey press for broader energy policies to accelerate shift from petrol to diversified mix of compressed natural gas (CNG), liquefied petroleum gas (LPG), and renewables. Yusuf Lawal Othman, National Chairman of National Association of Road Transport Owners (NARTO), talk say government support dey needed to convert vehicles to CNG, wey dey cheaper and more sustainable. Over 15,000 vehicles don already convert, offering significant savings.

Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) don echo calls for gasification projects, emphasising need for 1 million CNG conversion kits and strategically located CNG stations. PETROAN President, Dr. Billy Gillis-Harry, also propose dedicated Energy Bank of Nigeria with $15 billion funding to support local refining projects, modular refineries, and independent marketers, strengthening national energy security.

Experts like Dr. Silk Ugwu Ogbu, Associate Professor at Lagos Business School, Pan-Atlantic University, advise opening strategic reserves to guarantee crude supply to domestic refineries like Dangote, while strengthening petrol sector governance and forex market to stabilise fuel prices. Meka Olowola, Chairman of Zenera Group, stress need for disciplined, long-term approach wey include scaling up LPG adoption for households and small businesses.

The consensus across labour, business, and petroleum sectors na clear: Nigeria need immediate intervention to cushion the impact of rising fuel prices, combined with long-term strategies to build energy resilience and reduce dependence on imported petroleum products.