RismadarVoice Reporters
October 12, 2026
The Lagos Chamber of Commerce and Industry (LCCI) has called for a six-month programme aimed at reducing petrol pump prices by 15 to 20 per cent to ease the financial pressure on Nigerian businesses and households.
The Chamber said the proposed reduction should be achieved through coordinated efforts involving the Federal Government, domestic refineries, petroleum marketers, regulators and other stakeholders in the downstream petroleum sector.
In a statement issued on Sunday, LCCI Director-General, Dr Chinyere Almona, welcomed the Federal Government’s proposed petrol price stabilisation mechanism but maintained that preventing further price increases would not be enough to address the rising cost of doing business.
Almona said high petrol prices continued to increase transportation expenses, weaken household purchasing power and undermine the competitiveness of Nigerian enterprises.
She described the proposed ceiling of ₦1,350 per litre on petrol’s ex-gantry or landing cost, subject to monthly reviews and public disclosure, as a potentially useful measure for limiting excessive price fluctuations.
However, she warned that maintaining prices at already elevated levels would offer limited relief to businesses struggling with electricity costs, expensive financing, logistics challenges and other operating expenses.
According to the Chamber, the success of the proposed intervention should be measured by its ability to deliver actual reductions in petrol prices rather than merely preventing sudden increases.
Almona also expressed concern over arrangements that would require refiners and importers to temporarily absorb additional costs and recover them when market conditions improve.
She cautioned that such arrangements could create financial obligations that might eventually lead to renewed price increases unless properly regulated and transparently managed.
LCCI RECOMMENDS MEASURES TO LOWER FUEL COSTS
The Chamber urged the government to establish a predictable and commercially sustainable crude oil supply arrangement for domestic refineries.
It explained that reliable crude supply could reduce procurement uncertainties, foreign exchange exposure and unnecessary transportation expenses associated with petroleum production and distribution.
LCCI also recommended increased investment in compressed natural gas (CNG) and electric vehicle infrastructure to provide more affordable transportation alternatives for businesses and commuters.
Other proposed measures included improving fuel storage and distribution facilities, addressing transportation bottlenecks, eliminating unlawful charges and promoting exchange-rate stability.
Almona stressed that the proposed stabilisation framework must contain clear financial and operational guidelines to prevent excessive losses for refiners and importers.
She warned that poorly structured interventions could discourage investment, disrupt petroleum supply and create additional pressure on fuel prices.
The Chamber acknowledged that international crude oil prices and exchange-rate movements would continue to influence Nigeria’s petroleum market.
It nevertheless maintained that reducing avoidable domestic costs could help limit the effect of global price fluctuations on consumers.
LCCI further urged the government to establish measurable targets for the proposed six-month programme, including reductions in petrol expenditure, transportation costs and business operating expenses.
The Chamber said meaningful relief would depend on sustained cooperation across the petroleum value chain and policies that improve supply efficiency without undermining investment.
It maintained that a successful intervention should ultimately translate into lower costs for businesses, improved competitiveness and greater purchasing power for Nigerian households.
