Lagos, Nigeria — The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed serious concerns regarding the recent surge in petrol prices, which have reached N998 per liter in Lagos and N1,030 per liter in Abuja. Mr. Dele Oye, NACCIMA’s National President, cautioned that this escalation could lead to widespread economic challenges for businesses and households throughout the country.
In a statement released on Wednesday, Oye highlighted the significant pressure these price increases are placing on various sectors. He warned that higher petrol costs could lead to increased transportation expenses, exacerbating inflation and adversely impacting small and medium-sized enterprises (SMEs).
“Transportation costs are directly linked to fuel prices, and this increase will likely result in higher freight charges,” Oye noted. “Since fuel is a primary driver of inflation, the rise in petrol prices will worsen the already elevated inflation rate in Nigeria.”
He emphasized that households will face rising costs not only for fuel but also for everyday goods and services, potentially creating a vicious cycle of escalating expenses and economic hardship. Oye specifically pointed out the challenges that micro and nano businesses face, many of which depend on petrol generators to operate.
The outlook for SMEs, he cautioned, could shift from growth potential to mere survival, threatening job creation and economic advancement in local communities.
Oye urged the Nigerian National Petroleum Corporation Limited (NNPCL) to support operations at the Dangote refinery, suggesting that such actions could help stabilize local petrol prices, reduce reliance on imported fuel, and foster national self-sufficiency. He also called on the Central Bank of Nigeria to implement stronger monetary policies to stabilize the Naira, warning that rising import costs due to currency depreciation could further elevate domestic fuel prices.
Recent reports indicated that petrol prices at NNPCL retail stations increased from N897 to N1,030 in Abuja and from N885 to N998 in Lagos. These adjustments have resulted in long queues at petrol stations as motorists rush to refuel, reflecting widespread concern over future price fluctuations. This latest price hike marks the second increase by NNPC within a month, attributed to the company’s withdrawal as an intermediary in the Dangote Refinery purchase agreement.
