The Lagos Chamber of Commerce and Industry (LCCI) has called for the full deregulation and implementation of the Petroleum Industry Act (PIA).
Director-general of the chamber, Dr Chinyere Almona, said this in a statement on Tuesday.
She said full deregulation could create a better-managed oil and gas sector capable of attracting needed investments, creating more jobs, and boosting oil production output.
She added that the development also means less pressure on foreign currency demand and more foreign exchange earnings to the government.
Almona also commended Dangote Refinery for reducing fuel price to N970 per litre from N990, noting that the development demonstrates the refinery’s capacity and readiness to meet local petroleum demands.
She said the company’s proactive approach to addressing energy challenges deserved widespread recognition and encouragement.
The director-general further said it sets a benchmark for excellence and innovation in Nigeria’s energy sector and offers much-needed relief amid prevailing economic challenges.
She noted that beyond the gesture by Dangote refinery on fuel price reduction, Nigerians could begin to expect a lower petrol price.
This, according to her, is possible should the government decide to sustain the naira for crude supply to local refineries to refine oil for the Nigerian market.
Almona said with local fuel becoming more competitive and readily available, Nigeria could completely discontinue fuel importation.
“We can only begin to imagine the massive savings for the government and reduction of the burden on the citizens. When we begin to save billions of dollars from the total removal of subsidies, zero debt to fuel importers, and no more queues and loss of man-hours at our filling stations.
“This can be a reality if the government can wield the political will and deploy the appropriate economic policies to implement the reforms in the oil and gas sector,” she added.
