Abandoned by the State: Nigerians Suffer as Fuel Prices Skyrocket to N1,030/ Litre
By: Al Humphrey Onyanabo
The Nigerian Presidency’s deafening silence on the skyrocketing fuel prices is alarming. In just a few months, the pump price has surged from N650 per liter to N890 and now to a staggering N1,030 . This drastic increase has far-reaching implications for a country heavily reliant on petrol for power and transportation.
The ripple effects are already being felt, with businesses struggling to stay afloat due to soaring energy costs. Many are being forced to shut down, exacerbating the already dire economic situation. The impact on citizens is severe, with the cost of living escalating and hardship intensifying.
It’s disturbing that the government seems to be turning a blind eye to the plight of its people. The removal of fuel subsidies, coupled with the central bank’s decision to float the FX market, has created a perfect storm that’s driving up fuel prices . The Nigerian National Petroleum Company Limited (NNPCL) attributes the increase to market forces, but where is the government’s intervention ?
The latest fuel price increase follows the decision of the NNPCL not to act as sole buyer to the Dangote Refinery allowing independent marketers to also purchase knowing that this will drive up pump prices. But apparently NNPCL does not care because it has been increasingly criticized by Nigerians for its seeming incompetence to operate its own refineries.
*Consequences of Fuel Price Hike:*
– *Economic Hardship*: Increased cost of living, reduced purchasing power, and rising inflation.
– *Business Closures*: Soaring energy costs forcing businesses to shut down
*Transportation Costs*: Higher fuel prices leading to increased transportation costs, affecting goods and services .
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has vowed to shut down errant filling stations exploiting the situation, but this is merely a Band-Aid solution . The government must take decisive action to address the root causes of this crisis and provide relief to its citizens.
The people of Nigeria deserve better. It’s time for the presidency to break its silence and provide a comprehensive plan to mitigate the effects of this fuel price hike. The nation waits with bated breath for a response that will bring hope and relief to its struggling citizens.
By: Al Humphrey Onyanabo( The Storyteller)
Tel: 08109975621
Email: nigeria360online@gmail.com