TUC in Nigeria attributes high petrol cost to naira devaluation, not subsidy removal.

The Trade Union Congress (TUC) in Nigeria blames the high cost of petrol on the devaluation of the naira, not the removal of the subsidy in May 2023. TUC President Festus Osifo indicated that petrol prices would be around N350 per litre without the devaluation. He urged for a special exchange rate for the Nigerian National Petroleum Company to stabilize fuel prices, suggesting that a rate of N1,000/S could lower prices to about N600 per litre.

September 12, 2024
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