The Lagos Chamber of Commerce and Industry (LCCI) has voiced significant concerns regarding the recent increase in petrol pump prices, which surged from N855 to N1,030 by the Nigerian National Petroleum Company Limited (NNPCL).
In a statement issued by its President, Mr. Gabriel Idahosa, the LCCI warned that this hike would exacerbate challenges for businesses and distort operations across various sectors. The Chamber highlighted the detrimental impact of rising fuel prices on the business environment, stating, “The Chamber wishes to express some concerns about the latest increase in petrol pump prices across the states.”
While recognizing that these fuel price increases may align with the government’s broader strategy to fully deregulate the oil and gas sector and eliminate fuel subsidies, the LCCI pointed out the resulting uncertainties and controversies that are significantly disrupting business operations. The statement noted, “The dynamics and controversies around these steps create most of the distortions we experience in the business environment, making businesses operate under dark clouds of uncertainties.”
The Chamber further criticized the unclear policy direction from the Ministry of Petroleum Resources, NNPCL, and other oil and gas regulators, stating that this ambiguity has compounded the issues faced by businesses. Additionally, LCCI expressed confusion regarding the relationship between NNPCL and the Dangote Refinery, emphasizing the controversies surrounding these entities.
Overall, the LCCI’s concerns reflect a growing apprehension about the stability of the business climate in Nigeria in light of recent fuel price increases and regulatory uncertainties.
