LCCI Supports FG’s Petrol Price Stabilisation Plan Amid Cost Pressures

The Lagos Chamber of Commerce and Industry (LCCI) endorsed the Federal Government’s (FG) proposed petrol price stabilisation mechanism, noting its alignment with efforts to reduce energy and logistics expenses for businesses and households.

LCCI Director-General Dr Chinyere Almona called for collaboration between the Federal Government, domestic refiners, petroleum marketers, and regulators to implement progressive, measurable, and sustainable reductions in petrol prices.

Almona described the Federal Government’s stabilisation plan as timely given persistent energy and transportation cost pressures on business operations, household purchasing power, and Nigerian enterprise competitiveness. The LCCI also proposed a six-month programme targeting a 15 to 20 per cent reduction in pump prices to alleviate these burdens.

YPP candidate Agada stated in 2027 that he would not restore petrol subsidies, indicating a potential shift in policy direction for the upcoming period.