LCCI Advocates for Six-Month Petrol Price Reduction Plan

The Lagos Chamber of Commerce and Industry (LCCI) has commended the federal government for its proposed petrol price-stabilisation mechanism aimed at protecting Nigerian businesses and households from fluctuations in international crude oil prices and foreign exchange rates. In a statement signed by its director-general, Dr. Chinyere Almona, the LCCI acknowledged the economic rationale behind the initiative, particularly given the pressures from rising energy and transportation costs.

The proposal includes establishing a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol, with monthly reviews. Almona emphasized that while price stability is important, it must not be at excessively high levels to restore business competitiveness.

She expressed concerns that the current arrangement may not sufficiently lower elevated energy costs. The LCCI urged the government to implement a six-month Petrol Price Reduction Programme targeting a 15–20 percent reduction from the national weighted-average price, in collaboration with domestic refiners and stakeholders.