With petrol prices soaring above N1,000 per litre, many Nigerians are finding it hard to keep their cars on the road. The high cost of fuel has led to a significant increase in transportation costs, affecting not just car owners but also the prices of goods and services in the market.
Some private car owners have turned to carrying passengers to help offset the fuel costs. “This is the only way to recover a little of what we spend on fuel. I carry passengers when going to work and when returning home,” said a civil servant in Lagos. This makeshift solution is becoming common as people try to cope with the new fuel reality.
Others have opted to park their vehicles and use public transportation instead. The sudden rise in fuel prices has made it unaffordable for many to maintain their personal vehicles. A veteran journalist, Richard Akinola, joked about how he had to switch from his SUV to a smaller car due to the high fuel costs.
The impact of high fuel prices is not limited to car owners. Businesses are also feeling the pinch, especially those that rely heavily on diesel to run their operations. The President of the Manufacturers Association of Nigeria, Francis Meshioye, noted that the cost of diesel now accounts for about 40% of production costs, significantly increasing the cost of goods and services.
The Federal Government has assured Nigerians that the removal of subsidies would have positive effects on the economy, but so far, the benefits are not evident. The introduction of compressed natural gas is promised to reduce transportation costs by about 40%, but it remains to be seen when this will be fully implemented across the country.
In his Independence Day broadcast, President Bola Tinubu urged Nigerians to be patient, promising that better days are ahead. However, his campaign promise to reduce the cost of petrol has not been fulfilled, leading to widespread criticism and calls from lawmakers to reverse the recent price hikes to avoid social unrest.
