In response to the recent removal of fuel subsidies and subsequent increase in the price of Premium Motor Spirit (petrol), private car owners in Nigeria are facing heightened financial hardship. To offset the rising costs of fuel, many private car owners are turning their vehicles into commercial services.
According to findings by DAILY POST, the Nigerian National Petroleum Company Limited (NNPCL) raised the price of petrol from N897 to N1,030 per litre, further exacerbating the economic challenges facing Nigeria. Experts warn that this increase will push more citizens into poverty, worsening the existing cost-of-living crisis.
Fuel prices across the country have surged by an average of 174.6 percent due to recent changes, placing additional strain on consumers. The removal of fuel subsidies and currency depreciation have caused prices of goods and services to rise, contributing to accelerating inflation rates.
Data from the National Bureau of Statistics shows that fuel and transportation are significant contributors to inflation growth in Nigeria. With inflation soaring to 33.95 percent, food prices have skyrocketed, leading to widespread hardship among families reliant on fixed incomes.
In response to these challenges, many private car owners have turned to commercial driving to recoup fuel expenses. By carrying passengers along their routes, these individuals are able to offset the impact of the petrol price increase.
One such individual, Akinolu Olu, shared his experience with DAILY POST, explaining that he now charges his neighbors for transportation to and from work to help cover fuel costs. This shift towards part-time cab driving has become a common strategy for private car owners facing financial hardship.
As consumers continue to express concerns over rising prices and economic instability, calls for government intervention to alleviate financial burdens on households are growing. The ongoing crisis highlights the resilience and adaptability of Nigerians in the face of adversity caused by economic challenges.
