Business owners seek govt’s intervention as fuel prices soar

By Racheal Igben

Business owners and commuters in Nigeria are calling on the federal government to step in and alleviate the burdens of crippling economic austerity intensified by soaring fuel prices. These rising costs have led to significant increases in production and transportation expenses, creating a challenging environment for many. As fuel prices continue their upward trajectory, the escalating cost of transportation has emerged as a pressing issue, forcing both business owners and commuters to grapple with the ever-worsening high cost of living day by day.

“The government needs to understand that this isn’t just about fuel; it’s about survival,” Mrs Esosa, a small business owner, lamented.

She continued: “Every time they increase the price of petrol, the cost of everything else goes up—food, transportation, basic necessities. How are we supposed to cope?, she queried.

The call for help comes at a time when inflation is already at record highs and rising fuel prices are exacerbating the cost of living.

Business owners, drivers and commuters alike are feeling the pinch.

Mr. John, a business owner who focuses on hire-purchasing, lamented: “The cost of fuel has made drivers increase their prices drastically. It is not our fault but what the country offers, we have no choice. “We are already struggling to make ends meet and this price hike will only push more people into poverty,” he added. Like many other drivers, Mr. John feels trapped by the rising costs, with little relief in sight.

The price hike follows a previous increase in September, which saw the cost of fuel rise from N600 to N855 per liter. Moreover, reports of a fuel scarcity linked to a $6 billion debt owed by the NNPCL to fuel suppliers have only added to the anxiety, as citizens demand more transparency in how the national oil company manages its finances.

Mrs. Ogbole, a trader, echoed her frustrating stating, “The country seems to be moving backward; things are getting harder daily, making survival a challenge.” Citizens question if the country is truly progressing as claimed.

As fuel prices continue to rise, the nation teeters on the brink of economic distress. The government must act swiftly to alleviate the suffering.