Idahosa said, “Crude oil supplied to refineries in naira should be pegged at an exchange rate of N1,000 to one USD. This would significantly lower the cost of petrol for end users, thereby reducing logistics and transportation expenses.
“The ripple effect would stimulate economic activity and help alleviate the current financial hardships faced by Nigerians. It will also significantly contribute to the reduction in food inflation since transport costs are a major component of food production and delivery costs.”
He noted that petrol costs had soared by 430 per cent since President Bola Tinubu was sworn in on May 29, 2023, which had crippled business operations.
The Nigerian National Petroleum Company Limited increased the Premium Motor Spirit pump price from N897 to N1,030 per litre on Wednesday, the second increase in one month.
The LCCI urged the government to clarify its position on the complete or partial removal of fuel subsidies.
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