The rising price of Premium Motor Spirit (PMS), commonly known as petrol, has had a drastic impact on transportation costs nationwide. Commuters are now paying more than double the fare they used to pay before the subsidy on fuel was removed.
In various parts of the country, including Enugu, Akwa Ibom, Lagos, and Bauchi, PMS prices have reached an all-time high, leaving motorists and commuters burdened by the exorbitant transportation costs. As a result, many people are resorting to trekking long distances to their workplaces.
Enugu metropolis has witnessed a 50% increase in transportation costs, with fares from Gariki to New Market now exceeding N350 per drop. In Uyo, Akwa Ibom state capital, commuters are trekking to their offices due to the surge in transportation costs.
Lagos, Nigeria’s economic capital, has experienced a similar tale of financial hardship for transporters and commuters, who are grappling with soaring food inflation and transportation expenses.
Economist Prof. Evans Osabuohien has called on the Federal Government to revitalize the nation’s refineries to alleviate the repercussions of the petrol price hike on the masses. He attributes the increase to the devaluation of the Naira and the impact of the floating exchange rate, which results in imported petrol products, driving up the pump prices.
Roadside automobile mechanics in Bauchi also lament the adverse effects of the fuel price increases on their businesses. Since the removal of fuel subsidies, transportation businesses have declined significantly in the state, leading to a drop in patronage for these mechanics.
The economist urges the government to implement policies and palliative measures to mitigate the effects of the fuel price hike on Nigerians. Reviving the nation’s refineries and reducing the importation of refined products would alleviate the economic strain caused by the rising fuel prices.
As fuel prices continue to escalate, commuters and businesses are left grappling with financial hardships, necessitating urgent government intervention to alleviate the burden on the Nigerian populace.