The Lagos Chamber of Commerce and Industry has called on the Federal Competition and Consumer Protection Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other relevant agencies to strengthen oversight of petrol pricing mechanisms, improve transparency and protect consumers from exploitative market practices.
The President of the LCCI, Leye Kupoluyi, made the call on Wednesday during the chamber’s 2026 third-quarter press conference in Lagos, amid growing concerns over the pricing of Premium Motor Spirit.
Kupoluyi said businesses and consumers had continued to express concerns over what he described as persistent asymmetry in domestic petrol pricing, where increases in international crude oil prices quickly translate into higher pump prices, while reductions in global prices rarely lead to corresponding relief for consumers.
He said, “Businesses and consumers continue to express concern over the persistent asymmetry in domestic petrol pricing, where increases in international crude oil prices are promptly reflected in
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