The Lagos Chamber of Commerce and Industry (LCCI) has warned that the rising cost of petrol and diesel across the country could trigger deeper inflation and worsen the challenges faced by businesses.
Director-General of the chamber, Chinyere Almona, said the current situation is becoming unsustainable for businesses and urged the Federal Government to urgently intervene to prevent a collapse of enterprises, particularly in the real sector.
She explained that the escalation of global crude oil prices to about $112 per barrel, alongside the fourth upward review of gantry prices by Dangote Refinery to about N1,245 per litre, is intensifying pressure in Nigeria’s downstream market, with pump prices now trending toward N1,500 per litre.
According to Almona, the rising fuel costs are already transmitting severe inflationary shocks across transportation, food supply chains and industrial production, stressing that Nigeria’s daily petrol demand of about 50–53 million litres continues to exceed the country’s effective domestic refining capacity.
She urged the Federal Government and Nigerian National Petroleum Company Limited (NNPCL) to enforce domestic crude supply obligations under the Petroleum Industry Act, ensuring consistent allocation of over 300,000 barrels per day to local refineries, particularly Dangote Refinery, alongside a transparent naira-for-crude framework to stabilise supply and reduce foreign exchange pressures.