Following the removal of fuel subsidies and the recent hike in the price of Premium Motor Spirit (petrol), which has significantly increased hardship in the country, private car owners in Nigeria are increasingly turning their vehicles into commercial services as a means to offset rising fuel costs.
Findings revealed that the Nigerian National Petroleum Company Limited (NNPCL) raised the price of petrol from N897 to N1,030 per litre, exacerbating Nigeria’s already dire economic situation.
Experts warn that the increase will push more citizens into poverty, intensifying the ongoing cost-of-living crisis.
Fuel prices across the country have surged significantly, rising by an average of 174.6 percent due to recent changes.
This has further strained consumers, as the removal of fuel subsidies and currency depreciation have caused prices of goods and services to rise even more.
According to data from the National Bureau of Statistics, Nigerians have been severely impacted by accelerating inflation, with Nigeria’s inflation rate at 22.41 percent in May, far outpacing wage growth.
The data showed that fuel and transportation were the second and fourth largest contributors to inflation growth, respectively.
Peoplesmind
