According to the Abuja Chamber of Commerce and Industry, the price of Premium Motor Spirit, more commonly known as gasoline, which is now selling between N400 and N700 a litre in some states of Nigeria, will not allow for a decrease in the country’s high rate of inflation.
Al-Mujtaba Abubakar, the president of the ACCI, revealed this in Abuja in response to the most recent increase in headline inflation in Nigeria, which reached 21.91 percent in February 2023, the highest level in the nation in 18 years.
He added that the Russian-Ukrainian conflict was still having a significant impact on the world market, which drove up the price of commodities like wheat, bread, gas, and others.
The ACCI also noted that tax harmonization would increase market competition, ease business operations, and decrease business costs.