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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. ...READ THE FULL STORY FROM SOURCE ↔️
Findings by DAILY POST 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.
“Food and non-alcoholic beverages contributed the most to the acceleration in headline inflation (11.61 percent), followed by housing, water, electricity, gas, and other fuels (3.75 percent), clothing and footwear (1.71 percent), and transportation (1.46 percent),” the report said.
With inflation soaring to 33.95 percent, food prices have skyrocketed, leading to widespread hardship among families reliant on fixed incomes.
Many are struggling to afford basic necessities, with reports of rice prices exceeding N100,000 per bag.
Nigerian citizens and economists alike have urged the government to implement measures to alleviate the financial burden on households, as consumers continue to express concerns over the rising prices of eggs and various kinds of meat, especially livestock.
During this period, some private car owners have turned to commercial driving to recoup a portion of the fuel expenses incurred daily. They carry passengers along their routes when going out, which, they say, helps reduce the impact of the price hike.
This development has caused many private car owners to become part-time cab drivers to cushion the effects of the hardship caused by the recent petrol price increase.
Speaking to DAILY POST, Akinolu Olu, who works in Utako, Abuja, and lives in Lugbe, said he now charges his neighbors for transportation to and from work, a practice that started after the fuel subsidy removal. “Before the fuel subsidy removal, I used to transport four of my neighbors without charging them. However, since the price increased, I now charge N700 per person for each trip,” Olu explained....For More READ THE FULL STORY ▶▶
