Director General, LCCI, Dr Chinyere Almona said in a statement on Wednesday that the development would lead to increase in price of everything in the market, stressing that the impact on business would be very severe. She noted that the official price of petrol, now at N855, was a clear indication that the shortfall between the landing cost and the former price level of N568 charged by Nigerian National Petroleum Corporation Ltd, NNPCL had been reduced.
“Balancing the need for fiscal responsibility with the economic impact on citizens is a complex task for the government. “The impact on businesses will be severe, with fuel prices affecting supply and logistics, power generation, transportation, and factory operations. “The cost of doing business will skyrocket, prices of goods will rise, and some firms may shut down due to low demand in the face of weakening consumer purchasing power. Of course, this will be followed by job losses,” she said.