A recent hike in petrol prices to N855 and N897 per liter has sparked fears of worsening inflation and increased hardship for citizens and businesses. The price increase, which follows the removal of petrol subsidies, has led to a surge in transportation costs and concerns about further price hikes.
The government is under pressure to intervene and mitigate the impact of the price increase on vulnerable populations. This includes providing support to small and medium-sized enterprises (MSMEs) through incentives and engaging in meaningful dialogue with stakeholders to prevent social unrest.
To address the crisis, the government is urged to ensure a steady supply of fuel from local refineries and consider selling off NNPC refineries. The move aims to reduce the country’s reliance on imported fuel and stabilize the economy.
As Nigeria grapples with the challenges of high inflation and economic uncertainty, the government’s response to the petrol price hike will be crucial in determining the country’s economic future.
