The Lagos Chamber of Commerce and Industry (LCCI) has welcomed the Federal Government’s proposed petrol price stabilisation framework but insisted that authorities must go further by implementing a six-month programme aimed at reducing fuel prices.
Director-General of the chamber, Dr. Chinyere Almona, said the proposed mechanism to cap petrol ex-gantry prices at N1,350 per litre and subject them to periodic review was a positive step towards reducing volatility in the energy market.
She, however, argued that price stability alone would not sufficiently address the challenges facing businesses if fuel prices remain excessively high.
According to her, Nigerian businesses are already burdened by high electricity costs, expensive financing, rising transportation expenses and increasing production costs.
Almona stressed that the government should work with refiners, petroleum marketers and regulators to achieve a 15 to 20 per cent reduction in petrol pump prices over the next six months.
The LCCI also recommended improving crude oil supply to local refineries, expanding Compressed Natural Gas (CNG) infrastructure, reducing logistics bottlenecks, maintaining exchange-rate stability and ensuring transparency in fuel pricing policies.
Meanwhile, pan-Yoruba socio-political organisation Afenifere accused the administration of President Bola Tinubu of presiding over widespread economic hardship, hunger and rising inflation.
In a communiqué issued after its National Executive Committee meeting in Lagos, the group called on the Federal Government to drastically reduce petrol prices to between N350 and N400 per litre.
The communiqué, signed by Afenifere National Leader, Oba Oladipo Olaitan, and Secretary-General, Alade Rotimi-John, also expressed concern over the country’s economic condition and urged the government to improve security and citizens’ welfare.
