LCCI Calls for Comprehensive Petrol Price Reduction Plan

The LCCI emphasized that the proposed petrol price reduction programme must align with the Federal Government’s price-stabilisation mechanism to effectively address economic pressures on businesses and consumers. It argued that preventing sudden price increases alone would not resolve these challenges.

While supporting the government’s ceiling of N1,350 per litre on ex-gantry costs, the LCCI stressed the need for a clear, measurable, and sustainable plan to lower domestic pump prices. It proposed a six-month initiative targeting a 15 to 20 per cent reduction from the national weighted-average price, guided by verified supply costs and market conditions.

Chinyere Almona noted the stabilisation mechanism acknowledges international crude oil price and foreign exchange rate fluctuations but warned that maintaining elevated prices would not sufficiently relieve businesses facing high energy costs, transportation expenses, and financing challenges.