In the wake of escalating fuel prices, former Nigerian Bar Association (NBA) president, Dr. Olisa Agbakoba, SAN, has proposed a new petrol pricing model that could lead to prices ranging from N400 to N700 per liter. This comes amidst the Lagos Chamber of Commerce and Industry’s (LCCI) call for a 20% reduction in petrol prices within the next six months.
According to a report by the Tribune Online, Agbakoba’s proposal aims to address the persistent fuel scarcity and price hikes that have affected Nigerians for years. The former NBA president did not specify when this new pricing model would be implemented.
The LCCI, on the other hand, has called for a reduction of petrol prices by 20% within six months to ease the burden on consumers and boost economic growth. This was disclosed in a communiqué issued at the end of the LCCI’s meeting with the Minister of State for Petroleum Resources, Timipre Sylva, in Lagos on October 8, 2026.
It is evident that both Agbakoba’s proposal and the LCCI’s call are aimed at alleviating the financial strain faced by Nigerian consumers due to high fuel prices. While the Nigerian National Petroleum Company Limited (NNPC) has not stated when the new pricing model will be implemented, these developments indicate a shift towards more affordable fuel prices in the near future.
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