The Lagos Chamber of Commerce and Industry (LCCI) has called for a six-month programme to bring down petrol pump prices by 15 to 20 per cent, saying high energy and transport costs are weighing on businesses and households.
In a statement on Sunday, the Chamber’s Director-General, Dr Chinyere Almona, urged the Federal Government to work with domestic refiners, marketers, regulators and other stakeholders to deliver steady, measurable and sustainable reductions in petrol prices.
Almona welcomed the government’s proposed petrol price stabilisation mechanism, calling it timely given rising energy and transport costs that continue to squeeze business operations, household spending power and the competitiveness of Nigerian firms.
The Chamber also backed the proposed ₦1,350 per litre ceiling on the ex-gantry or landing cost of petrol, which would be reviewed monthly and publicly disclosed. It said the cap reflects an understanding of the economic damage caused by volatile energy prices.
However, Almona warned that holding petrol prices steady at high levels would not give enough relief to businesses already struggling with high electricity tariffs, alternative power costs, expensive financing and rising logistics expenses.
She said the mechanism could shield businesses from sudden price hikes but would not necessarily lead to lower pump prices. The government, she added, should judge the initiative not only by how well it curbs volatility but also by whether it cuts operating costs and improves economic welfare.
The LCCI chief further cautioned that requiring refiners and importers to absorb temporary cost increases and recover them later, when market conditions improve, could create deferred obligations. If not transparently managed, she said, these could eventually push prices up.
Recommendations
To support the six-month programme, the Chamber urged the government to guarantee predictable and commercially viable crude oil supply to domestic refineries, so as to reduce procurement uncertainty, foreign exchange exposure and avoidable logistics costs.
It also called for faster rollout of alternative transport options, including compressed natural gas (CNG) and electric vehicle infrastructure, to lower the cost of moving goods and people.
Other recommendations include tackling transport bottlenecks, improving storage and distribution infrastructure, eliminating unlawful charges, and maintaining exchange rate and macroeconomic stability.
Almona also stressed the need for clear rules governing the price stabilisation mechanism, to prevent open-ended losses for refiners and importers, which could discourage investment or trigger fuel shortages.
She said Nigeria cannot shield its petroleum market indefinitely from global oil price movements, adding that lasting relief depends on reducing the domestic costs that magnify the effects of international price swings.
The LCCI maintained that the real test of the policy should be lower petrol spending for businesses, reduced transport and distribution costs, improved competitiveness and meaningful relief for consumers.
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