Many Nigerians across all walks of life are lamenting the weight of rising fuel prices, which have skyrocketed transportation and living costs across the country.
DAILY POST reports that salaries have remained stagnant with high costs of Premium Motor Spirit, PMS, diesel, kerosene and cooking gas. These have worsened the suffering being faced by Nigerians.
The impact of the hike in fuel prices is immediate and widespread, thereby affecting transport costs and food prices, even as the overall cost of doing business escalated.
DAILY POST reports that in the nation’s capital city, petrol now sells for between N1,300 and N1,450 per litre, while diesel approaches N2000 per litre, reflecting the impact of global oil price movements.
The hike, driven by global market pressures and currency fluctuations, has significantly increased the cost of living.
DAILY POST reports that most commuters and motorists are feeling the pinch with the 40% increase in fuel expenses, leading to reduced income for food and essentials.
The organised labour and other critical stakeholders cautioned that if the situation is not properly managed, the gains from rising oil prices would be completely eroded by inflation and economic hardship.
Everyone will feel it — Dangote warns amid fuel price hike
Africa’s richest man, Aliko Dangote, has warned that the ripple effect of the ongoing war in the Middle East between Iran and the United States-Israel would be felt by everyone if it further escalates.
Dangote, whose 650,000-barrel-per-day refinery had increased its gantry petrol at least five times in March to N1,245 per liter, stressed the consequences of a persistent war in the Gulf region.
“If the situation does not de-escalate, we will end up paying a heavy price. Energy affects everything. From small businesses like barbers to industries running generators, everyone will feel the impact if costs continue to rise,” he said.
NLC demands action as petrol hits N1,400/litre
The Nigeria Labour Congress, NLC, has called for urgent government intervention as petrol prices surged towards N1,400 per litre across parts of the country, raising fears of worsening inflation, job losses, and business closures.
This follows successive price increases by the Dangote Petroleum Refinery, which recently raised its ex-depot price to about N1,275 per litre, marking its fifth hike in March.
The price hikes have intensified concerns over pricing dynamics in Nigeria’s deregulated downstream petroleum sector.
Speaking to DAILY POST, a commercial bus driver, Chinedu Ike, while seeking relief measures from the government, lamented that he spends almost all the money he gets from travellers on fuel.
“I am spending almost all the money I make on fuel. Just this morning, I spent more than N50,000 on fuel before I could take off,” he said.
An Abuja civil servant, who pleaded anonymity, decried that he spends almost all his salary on transportation.
“We are spending almost our salaries on transportation. I spent N1,500 getting to work despite waking up very early and getting to the bus stop around 5:30–5:50am,” he said.
Sharing the same sentiments, Peter Echo said, “It feels like our salaries are being swallowed up before we even get to spend them. I now spend over 80 per cent of my salary just to get to work.
“After paying for transport and feeding my family, there is almost nothing left. How are we supposed to have savings or a plan?”
On his part, Anthony Ameh said, “The current crisis is unprecedented in recent history, as complaints from our workers and other members of the public across the country indicate.”
According to him, transportation costs have quadrupled for workers commuting from satellite towns around Abuja, including Mararaba, Suleja, Gwagwalada, Kuje, Kwali, Masaka, Keffi and Abaji.
He called on the government at all levels to rise to the occasion and take decisive action to address the soaring fuel prices.
He added that failure to act would worsen poverty, mental health challenges and economic hardship among Nigerian workers.
