The Abuja Chamber of Commerce and Industry, ACCI, has said that increasing the pump price of Premium Motor Spirit, PMS, popularly known as petrol, would not tame Nigeria’s rising inflation rate.
Al-Mujtaba Abubakar, the president of ACCI, made this disclosure on Thursday in Abuja.
He said selling fuel at the pump price of N400-N700 per litre, as is the case in some States in Nigeria, would only exacerbate the country’s inflation figure.
Abubakar was reacting to the country’s February inflation rate, which stood at 21.92 per cent.
He urged the Federal Government to implement business-friendly policies to improve businesses and commerce.
“While we appreciate the efforts of the administration to tame the increasing inflation rate, we note that the situation is far from improving. It has complicated the business climate and deepened challenges facing small-scale businesses,” he said.
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