LCCI Proposes Petrol Price Stabilisation Mechanism for Nigerian Market

LCCI Director-General Dr Chinyere Almona presented a proposal for a petrol price stabilisation mechanism in a recent statement. The initiative aims to address rising energy and transportation costs affecting business operations, household purchasing power, and Nigerian enterprise competitiveness.

Almona specifically endorsed the Federal Government’s proposed ceiling of ₦1,350 per litre for the ex-gantry or landing cost of petrol, with monthly reviews and public disclosure requirements. She described this as recognition of the economic consequences of energy price volatility.

The LCCI noted that stabilising petrol prices at elevated levels would not sufficiently alleviate financial pressures on businesses facing high electricity tariffs, alternative power costs, expensive financing, and rising logistics expenses.

Almona cautioned that while the proposed mechanism might cushion businesses against sudden price increases, it would not ensure lower pump prices for consumers.