FUEL PRICE HIKE: A THREAT TO ECONOMIC STABILITY – OGUNCCIMA

• appeals to FG to reduce fuel pump price, provide support to businesses

• urges government to invest in alternative energy sources.

The Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) has expressed deep concern over the recent fuel pump price hike, which has risen to between 850 to 1000 naira per liter.

In a statement signed by OGUNCCIMA President, Lion Niyi Oshiyemi, the chamber warned that the hike will have far-reaching consequences on the economy, businesses, and Nigerians, leading to increased production costs, higher prices of goods and services, and reduced profitability for businesses.

Oshiyemi appealed to the Federal Government to take immediate action to address the adverse effects of the fuel price hike, urging measures to reduce the fuel pump price, provide support to businesses, and invest in alternative energy sources.

He said: “The fuel price hike will lead to job losses, reduced economic activity, and increased poverty levels, disproportionately affecting low-income earners and small business operators”.

“The Federal Government must act now to mitigate the effects of this fuel price hike. We cannot afford to wait and watch as businesses suffer and Nigerians bear the brunt”.

“We urge the government to consider the long-term effects of this hike and take proactive steps to address the root causes. We are ready to engage in constructive dialogue to find lasting solutions,” Oshiyemi added.

https://tropicreporters.com/reduce-fuel-price-to-save-businesses-ogunccima-urges-fg/

https://punchng.com/fuel-price-hike-will-worsen-unemployment-poverty-ogunccima-warns/

https://tribuneonlineng.com/fuel-price-hike-threat-to-economic-stability-ogunccima/