Business

SALTCCIMA demands petrol price hike reversal to save businesses

Published

2 years ago

September 9, 2024

OCHEFA

580 Views

The Salt City Chamber of Commerce, Industry, Mines, and Agriculture has called for an immediate return to the old prices of Premium Motor Spirit to prevent the collapse of small businesses in Ebonyi State.

SALTCCIMA, in a statement, decried the impact of recent hikes in the prices of PMS and diesel on businesses in the state.

The SALTCCIMA President, Chukwuemeka Eze, said the chamber acknowledged the scarcity of PMS and diesel across the country, which had led to an increase of over 50 per cent in fuel prices and severely strained businesses, especially agriculture and commerce.

Premium Motor Spirit and diesel are the lifelines of our businesses and daily lives. The recent price hikes have placed a heavy burden on business operations, especially in an agrarian state like Ebonyi.It is becoming increasingly difficult to stay silent amidst the hardships our people are enduring,” Eze added.

He said while the government’s efforts to promote nano, micro, small, and medium-scale enterprises were commendable, the continuous increase in fuel prices remained the greatest threat to the survival of those businesses.

Our members, mostly NMSMEs, are bearing the brunt of this policy.

The rising fuel costs are crippling commerce, production, and agriculture in Ebonyi,” he noted.Eze pointed out that the chamber was concerned that the price hike coincided with Dangote Refinery’s announcement that the Federal Executive Council would determine the prices of its products.

“This leaves a sour taste in the mouth,” the chamber president stated.

He urged the implementation of the Petroleum Industry Act 2021, specifically Section 205, which was expected to lower the prices of petroleum products but has not produced the desired results.

Related Topics:Chambers of Commerce Ebonyi state Petrol Price Salt City

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Naira Exchange Rates Thursday, 5 Nov 2026

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November 5, 2026

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NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

OCHEFA

172 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.