The Trade Union Congress (TUC) has called on the Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS) to grant the Nigerian National Petroleum Company Limited (NNPCL) a special foreign exchange rate.

TUC President FESTUS OSIFO, in an interview with Newsmen, maintained that the special foreign exchange rate would significantly lower the cost of petrol importation and gradually reduce fuel prices across the country.

OSIFO said the current official exchange rate of 1,600 naira per a dollar is unsustainable and has led to an increase in fuel prices, arguing that if NNPCL is granted a special forex rate of about 1000 naira per a dollar, the cost of petrol importation will crash, and fuel prices will drop to around 600 naira.

OSIFO, who is also the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), attributed the high fuel prices primarily to the devaluation of the naira, rather than the removal of the petrol subsidy in May 2023.