The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has raised concerns about the rising petrol pump prices in Lagos and Abuja, warning that this could trigger a cycle of economic hardship across the country.
Such support, he suggested, could help stabilise local petrol prices, reduce Nigeria’s reliance on imported fuel, and promote national self-sufficiency.
He warned that rising importation costs, driven by currency depreciation, could further push up domestic fuel prices.
BackstoryNairametrics reported yesterday that petrol prices at Nigerian National Petroleum Corporation (NNPC) Limited retail stations, which previously sold for N897 per litre in Abuja, have now risen to N1,030.
The adjustment follows reports of a possible price hike due to NNPCL’s withdrawal as an intermediary in the Dangote Refinery purchase deal, marking the second price increase by NNPC between September and October...
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