The Lagos Chamber of Commerce and Industry has commended Dangote Refinery for reducing the petrol pump price to N970 per litre from N990.

LCCI’s director-general, Chinyere Almona, said in a statement on Tuesday in Lagos that the development demonstrates the refinery’s capacity and readiness to meet local petroleum demands.

Ms Almona said the company’s proactive approach to addressing energy challenges deserved widespread recognition and encouragement.

According to her, 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 Nigerians could begin to expect a lower petrol price beyond the gesture of the Dangote refinery to reduce its price.

She said this was possible should the government decide to sustain the naira for crude supply to local refineries to refine oil for the Nigerian market.

Ms 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 said.

The LCCI chief also encouraged full deregulation and implementation of the Petroleum Industry Act (PIA).

She said this 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 meant less pressure on foreign currency demand and more foreign exchange earnings to the government.

(NAN)