LCCI SEEKS STRICTER PETROL PRICING OVERSIGHT, CONSUMER PROTECTION

The Lagos Chamber of Commerce and Industry (LCCI) has called for stricter oversight of petrol pricing mechanisms and enhanced consumer protection measures in the downstream oil sector.

The chamber expressed concern over persistent price volatility and the burden on businesses and households following recent hikes by the Dangote Refinery and other marketers. LCCI President noted that while deregulation aims to promote efficiency, it must be accompanied by robust regulatory frameworks to prevent exploitation.

The business group urged the Federal Competition and Consumer Protection Commission (FCCPC) and other regulators to intensify monitoring of pricing practices, ensure transparency in cost components, and enforce fair competition.

LCCI also advocated for improved supply chain efficiency, faster clearance at depots, and greater investment in local refining to stabilise prices. The chamber emphasised that protecting consumers and businesses from arbitrary price increases is essential for economic stability and curbing inflation.