The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the recent hike in petrol pump prices across Nigeria.
Aderonke OniThe Lagos Chamber of Commerce and Industry has expressed concern over the recent hike in petrol pump prices across Nigeria.the price of petrol across its retail outlets.In a statement on Friday, Gabriel Idahosa, president of LCCI, urged the government to clarify if petrol subsidy hasIdahosa said the price hike might be part of the government’s intention to fully deregulate the oil and gas sector and implement a complete petrol subsidy removal policy.
“It has become difficult to understand the plans and moves taken by the ministry of petroleum resources, the Nigerian National Petroleum Corporation Limited, and the various oil and gas sector regulators in the face of recent happenings. He said these may worsen in the coming months due to a thriving speculative environment, harsh regulatory ecosystem, unguided controversies, persistent insecurity challenges, and weakening purchasing power that restrains demand for goods and services.
“We must increase crude oil production and reduce oil theft to ensure our crude does not get to neighbouring countries where they are refined and imported back to Nigeria.”Idahosa also recommended the implementation of the Petroleum Industry Act to support a fully deregulated oil and gas sector, thereby reducing uncertainties and irregularities, enhancing contract sanctity and attracting foreign investment.
Speaking on CNG mobility, he urged the government to back ongoing initiatives with nationwide CNG refuelling stations and credit facilities to accelerate the transition.Idahosa proposed pegging the foreign exchange rate for import duties at N1,000/$ to provide much-needed fiscal stimulus. “It would also benefit the broader economy by fostering growth in related sectors like logistics and retail, ultimately supporting Nigeria’s economic stability and expansion,” Idahosa said.
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