By Milcah Tanimu
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed serious concerns over the recent increase in petrol prices. The prices have risen to N998 per litre in Lagos and N1,030 in Abuja.
Dele Oye, NACCIMA’s national president, stated that the hike is straining businesses and households across Nigeria. He warned that the increase will lead to higher transportation costs and further worsen inflation.
“With transportation costs directly tied to fuel prices, this increase will lead to higher freight charges,” Oye explained. He noted that petrol is a primary driver of inflation. Therefore, this rise will add to the already high inflation rate in Nigeria.
Households will face higher costs not only for fuel but also for everyday goods and services. This situation could create a vicious cycle of rising costs and economic hardship. Additionally, the increase will significantly affect micro and nano businesses that rely on petrol generators.
Oye stated that the economic outlook for small and medium enterprises (SMEs) may shift from potential growth to mere survival. This will impact individual businesses and limit job creation across communities in Nigeria.
He urged the Nigerian National Petroleum Company (NNPC) Limited to support Dangote Petroleum Refinery operations. This support could stabilize local petrol prices, reduce dependence on imports, and boost national self-sufficiency.
Oye also called on the Central Bank of Nigeria (CBN) to strengthen its monetary policies to stabilize the naira. He emphasized the need for robust strategies to manage fuel prices and enhance domestic production capabilities.
NACCIMA will continue engaging with government entities to promote a more conducive climate for growth and sustainability. Oye concluded that rising importation costs due to currency depreciation will likely keep domestic petrol prices on the rise.
