According to him, the current official exchange rate of N1,600/$ is unsustainable and has led to an increase in fuel prices.

Festus Osifo,TUC President, made the submission while fielding questions on Channels Television’s Politics Today programme.

sifo argued that petrol would have been selling at around N350 per litre if the Naira had not been devalued, stressing that “the

Festus Osifo,TUC President, made the submission while fielding questions on Channels Television’s Politics Today programme.

Trade Union Congress (TUC) has said the devaluation of the naira, rather than the removal of the fuel subsidy, is responsible for prevailing high cost of petrol.

Dangote Refinery, with a daily production capacity of 650,000 barrels, has seen low local demand for its petroleum products, prompting the company to consider alternative markets abroad.

He explained that the reluctance of local marketers to purchase products has forced the refinery to look beyond Nigerian borders, exporting diesel that meets European standards.

Devakumar Edwin, vice president of Dangote Industries Limited, highlighted these issues during a recent media interaction.

Despite offering competitive prices, Dangote Refinery struggles to sell its diesel locally, managing only about 29 tankers per day. In light of this, most of the refinery’s diesel and jet fuel is exported.

Reports reveal that the marketers are unhappy with the Refinery’s decision to lower its diesel price from ₦1,200 per litre to ₦900, which they argue undercuts their operations.