LCCI Proposes Six-Month Plan to Cut Petrol Prices by Up to 20%

The Lagos Chamber of Commerce and Industry has proposed a six-month relief programme aimed at reducing petrol prices by 15 to 20 percent. The chamber urged the Federal Government to work with local refiners, petroleum marketers, regulators and other industry stakeholders on the plan. It said lower pump prices could ease pressure on household budgets and businesses facing high transport, power and distribution costs. LCCI said progress should be measured against the national weighted-average petrol price. The proposal would require agreement among stakeholders on how any reduction would be achieved and sustained throughout the six-month period.

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