Nigerian private automobile owners are increasingly converting their vehicles into commercial services to offset growing fuel expenses, following the recent increase in the price of petrol, which has greatly worsened the country’s misery.
It was discovered that the Nigerian National Petroleum Company Limited (NNPCL) upped the price of fuel from N897 to N1,030 per litre, aggravating Nigeria’s already severe economic position.
Experts worry that the hike would drive more people into poverty, exacerbating the current cost-of-living issue.
Fuel prices have risen dramatically across the country, an average of 174.6 percent, as a result of recent adjustments.
This has put further hardship on consumers, as the withdrawal of fuel subsidies and currency devaluation have resulted in even higher pricing for goods and services.
According to data from the National Bureau of Statistics, Nigerians have been badly hurt by increasing inflation, with the country’s inflation rate reaching 22.41 percent in May, considerably surpassing wage increases.
The research revealed that gasoline and transportation were the second and fourth greatest drivers to inflation increase, 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 per cent, 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 vehicle owners to become part-time taxi drivers to cushion the effects of the hardship caused by the recent petrol price increase.
Speaking to newsmen, Akinolu Olu, who works in Utako, Abuja, and lives in Lugbe, said he now charges his neighbours 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 neighbours without charging them. However, since the price increased, I now charge N700 per person for each trip,” Olu stated.
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cc: Daily Post Ng
