The Lagos Chamber of Commerce and Industry (LCCI) has said the country may soon witness lower petrol prices with more competition, smoother supply chain in the market and fully deregulated Oil and Gas sector.
The President of the Chamber, Mr. Gabriel Idahosa expressed the optimism on Thursday, in his state of the nation address, delivered to the media in Lagos.
Idahosa, while speaking on recent developments in the nation’s Oil and Gas Sector, described as long overdue, the recent decision of the federal government to put an end to petrol pricing interventions in the sector.
He, therefore, commended the federal government on its direct purchase mechanism, which allows marketers of premium motor spirit (PMS) to negotiate commercial terms directly with refineries.
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The LCCI boss also expressed the delight of the Chamber on the Naira payments for crude oil sales to Dangote Refineries and other local refineries, adding that the move would herald a significant milestone in the nation’s economic transformation.
“We urge the government to summon the courage to be consistent with the oil and gas sector reforms and implement the Petroleum Industry Act (PIA) fully. We see the long-term gains of these reforms if they are implemented under a conducive regulatory environment,” Idahosa stated.
He also stressed the need for fiscal stimulus and non-cash interventions to cushion the burdens unleashed through the tight monetary stance of the government in the past 18 months.
“In the situation we find ourselves in, we urge the government to stay focused, and more vigorous, regarding the ongoing interventions like removing some taxes, the transition to Compressed Natural Gas (CNG) mobility, the Crude for Naira scheme, and the suspension of some import duties.
“The CNG mobility initiative must be supported with CNG refuelling stations nationwide and credit facilities to support quick conversion and usage,” he added.
Describing the removal of Value Added Tax ( VAT) on diesel and cooking gas as a bold step towards reducing the cost of living for Nigerians, the LCCI boss also expressed the belief that a transition to CNG mobility offers an opportunity to make energy more affordable, reduce emissions, and create jobs.
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