The Lagos Chamber of Commerce and Industry (LCCI) has raised concerns over the recent increase in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL), with prices jumping from ₦855 to ₦1,030 per litre.
LCCI President, Gabriel Idahosa, warned that this hike would create more challenges for businesses, already burdened by rising costs, power supply issues, and foreign exchange scarcity.
While the Chamber acknowledged the government’s move to deregulate the oil and gas sector, it noted that the lack of clear policies from the Ministry of Petroleum and NNPCL is adding uncertainty to the business environment.
The Chamber also expressed confusion over the relationship between NNPCL and the Dangote Refinery.
LCCI urged the government to clarify the status of fuel subsidies, improve crude oil production, and implement the Petroleum Industry Act to stabilize the sector and attract investment.
They also called for using subsidy savings to invest in infrastructure to reduce transportation costs and combat inflation.
