The Lagos Chamber of Commerce and Industry (LCCI) the Federal Government to offer crude oil to local refiners at an exchange rate of N1,000 per dollar.

According to LCCI, the move will help address the surging fuel prices at filling stations across Nigeria.

LCCI President Gabriel Idahosa, in a statement, stressed that the exchange rate for crude oil supplied will lead to a reduction in petrol prices at the pump, Punch reports.

Idahosa explained: “Crude oil supplied to refineries in naira should be at an exchange rate of N1,000 to one USD. This would significantly lower the cost of petrol for end users, thereby reducing logistics and transportation expenses.

"The ripple effect would stimulate economic activity and help alleviate the current financial hardships faced by Nigerians."

He further added that this policy shift would also contribute to reducing food inflation, as transport costs are a significant component of food production and delivery expenses.

Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) recently hiked the pump price of Premium Motor Spirit (PMS) from N897 to N1,030 per litre, marking the second price increase within a month.