PeakNews Online
Lagos, Nigeria — The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Organized Private Sector (OPS) have voiced significant concerns regarding the recent surge in petrol prices, which has seen costs exceed ₦800 per liter at NNPC filling stations nationwide.
In a formal statement, NACCIMA’s National President, Dele Kelvin Oye Esq., urged the Federal Government to initiate dialogue with stakeholders, including the organized private sector and labor unions. Oye emphasized the need for a collaborative approach to address the potential economic repercussions of the price hike.
Oye’s statement outlined the association’s apprehensions: “While we acknowledge the complexities behind fuel price adjustments, such as global oil market trends and exchange rate fluctuations, we are alarmed by the absence of prior notice and detailed explanations from the government and the Nigerian National Petroleum Company Limited (NNPC).”
The timing of the price increase is particularly troubling, Oye noted, as it could further strain businesses and consumers, especially those in vulnerable positions and individuals on fixed incomes who are still adjusting to recent changes in the national minimum wage.
NACCIMA has called for the government and NNPC to engage in meaningful discussions with all relevant stakeholders to address the concerns associated with the price increase and its broader economic impact. The association seeks clarity on the terms agreed upon during minimum wage negotiations and how these align with current developments.
Oye also highlighted the need for transparency regarding NNPC’s financial status, citing inconsistent statements about the company’s profitability and obligations. “Transparency and accountability within NNPC are crucial for maintaining public trust,” he added.
NACCIMA reaffirmed its commitment to collaborating with government and other stakeholders to seek sustainable solutions that address the needs of businesses and consumers while promoting overall economic stability.
