The Lagos Chamber of Commerce and Industry (LCCI) the Federal Government to offer crude oil to local refiners at an exchange rate of N1,000 per dollar.
According to LCCI, the move will help address the surging fuel prices at filling stations across Nigeria.
LCCI President Gabriel Idahosa, in a statement, stressed that the exchange rate for crude oil supplied will lead to a reduction in petrol prices at the pump, Punch reports.
Idahosa explained:
He further added that this policy shift would also contribute to reducing food inflation, as transport costs are a significant component of food production and delivery expenses.
TimesNow.com.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) recently hiked the pump price of Premium Motor Spirit (PMS) from N897 to N1,030 per litre, marking the second price increase within a month.
TimesNow.com.ng earlier reported that oil marketers in Nigeria would buy petrol directly from Dangote Refinery. However, they would face price challenges.
The reason was a price difference between Dangote petrol price and imported PMS.
While the Dangote Refinery can supply much of Nigeria’s domestic petrol needs, the government strictly controls pricing via the Nigerian National Petroleum Company Limited (NNPC), creating a significant hurdle for marketers.
Source: TimesNow.com.ng
