LCCI Urges Government to Enforce Crude Oil Allocation

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigerian government to enforce the Petroleum Industry Act (PIA), which stipulates a daily allocation of 300,000 barrels of crude oil to local refineries, especially the Dangote Refinery. In a public statement, LCCI Director General Dr.

Chinyere Almona highlighted the urgent need for the Nigerian National Petroleum Company (NNPC) to implement domestic crude supply obligations to stabilize fuel prices, which are trending towards N1,500 per liter. Almona emphasized that the current oil price shock, with global crude prices reaching $112 per barrel, is exerting inflationary pressure on Nigeria's downstream petroleum sector.

She noted that Nigeria's daily petrol demand of 50-53 million liters continues to outpace domestic refining capacity, exacerbating price pressures. The LCCI also called for regulatory clarity and a robust public-private collaboration to foster a competitive energy ecosystem and mitigate the impact of inflation on critical sectors such as transport and agriculture.