By Ayo Kehinde
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed concerns over the increase in petrol pump prices, saying the development will further increase hardship and inflation in the country.
National President of the Association, Dele Oye, made this known in a statement in reaction to the recent hike in the pump price of petrol on Wednesday, by the Nigerian National Petroleum Company (NNPC) Limited.
The NNPC, on Wednesday, hiked petrol pump prices to N998 and N1,030 per litre in Lagos and Abuja, respectively.
Oye said the increase could lead to higher transportation costs, exacerbate inflation and severely impact small and medium-sized businesses.
“With transportation costs directly tied to fuel prices, this increase will serve as a catalyst for higher freight charges. Given that petrol is a primary driver of inflation, the rise in petrol prices will exacerbate the already high inflation rate in Nigeria.
“Households will find themselves paying more not only for fuel but also for everyday goods and services, prompting a vicious cycle of rising costs and economic hardship.
“The recent fuel price increase will have a profound impact on micro and nano businesses, many of which rely heavily on petrol generators to power their operations”, he said.
Charging NNPC to demonstrate the necessary goodwill to support Dangote Petroleum Refinery operations, Oye said that would stabilise local petrol prices, reduce Nigeria’s dependence on imported petrol and contribute to national self-sufficiency.
He also called on the Central Bank of Nigeria (CBN) to be more effective in implementing monetary policies that stabilise or strengthen the naira.
