As the economic crisis deepens in Nigeria, many private car owners are adapting to soaring fuel costs by converting their vehicles for commercial use. This shift comes in response to the recent removal of fuel subsidies and a significant hike in petrol prices, which have increased from ₦897 to ₦1,030 per litre, according to the Nigerian National Petroleum Company Limited (NNPCL).
The price escalation has compounded the already challenging economic landscape, pushing more citizens into poverty and exacerbating the ongoing cost-of-living crisis. Experts warn that the impact of these rising fuel costs will be felt widely, leading to intensified hardship for households across the nation.
The average price of fuel has surged by approximately 174.6 percent, placing additional strain on consumers already grappling with rising prices for goods and services due to subsidy removal and currency depreciation.
Data from the National Bureau of Statistics (NBS) indicates that Nigeria's inflation rate reached a staggering 22.41 percent in May, significantly outpacing wage growth. Fuel and transportation costs have emerged as major contributors to this inflation, which has now climbed to 33.95 percent.
The NBS report highlights that food and non-alcoholic beverages account for the largest portion of inflation growth, with rising costs of housing, utilities, and transportation also contributing significantly. Basic necessities have become increasingly unaffordable, with reports indicating that the price of rice has exceeded ₦100,000 per bag.
In light of these challenges, citizens and economists are urging the government to implement measures to ease the financial strain on households, particularly as prices for essential items like eggs and meat continue to rise.
In response to the soaring fuel expenses, some private car owners are now offering transportation services to recoup costs. Many have taken on part-time commercial driving, ferrying passengers along their regular routes.
Akinolu Olu, a resident of Lugbe working in Utako, Abuja, shared his experience: “Before the fuel subsidy removal, I used to transport four of my neighbors without charging them. However, since the price increased, I now charge ₦700 per person for each trip,” he explained.
This trend reflects a broader strategy among Nigerians seeking to mitigate the economic impacts of recent fuel price hikes, underscoring the urgent need for government intervention to stabilize the economy.
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