LCCI Urges FG to Reduce Petrol Prices by 20%
The Lagos Chamber of Commerce and Industry (LCCI) has proposed a six-month programme to reduce petrol pump prices by 15 to 20 per cent, seeking relief for Nigerian businesses and households facing rising energy and transportation costs. In a statement, the Chamber’s Director-General, Dr Chinyere Almona, urged the Federal Government to collaborate with domestic refiners, petroleum marketers, regulators and other stakeholders to achieve gradual and sustainable price reductions. The LCCI welcomed the government’s proposed petrol price stabilisation mechanism, including a ₦1,350-per-litre ceiling on ex-gantry or landing costs, subject to monthly reviews and public disclosure. However, Almona warned that stabilising prices at elevated levels would not sufficiently ease the burden on businesses struggling with high electricity tariffs, alternative power costs, expensive financing and rising logistics expenses. She stressed that the initiative should be assessed by its ability to reduce operating costs and improve economic welfare, not merely limit sudden price fluctuations.
To achieve lower petrol prices, the LCCI called for predictable and commercially viable crude oil supplies to domestic refineries, improved storage and distribution infrastructure, and accelerated investment in alternative transportation options such as compressed natural gas (CNG) and electric vehicle infrastructure. It also urged the government to address transportation bottlenecks, eliminate unlawful charges and maintain exchange-rate and macroeconomic stability. Almona cautioned that requiring refiners and importers to absorb temporary cost increases and recover them later could create deferred obligations that push prices upwards if not transparently managed. She further called for clear rules to prevent unlimited losses for fuel suppliers, discourage investment or trigger shortages. The Chamber maintained that the success of the proposed policy should be measured by lower petrol expenditure, reduced distribution costs, improved business competitiveness and meaningful relief for consumers.
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