Businesses across Nigeria are struggling after a sudden fuel price hike of 15 to 20 percent on Wednesday. Entrepreneurs and small businesses, already hit hard by inflation and a weakened naira, are seeing their costs rise even higher.
This is the second increase in just over a month. In September, the Nigerian National Petroleum Company Limited (NNPCL) raised prices by 40 percent due to massive debts, and they have not commented on the latest hike.
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Prices at some stations now exceed 1,000 naira per litre, forcing businesses to grapple with the rising cost of operations. President Bola Tinubu’s economic reforms, which include the removal of fuel subsidies and the floating of the naira, are said to be aimed at long-term recovery. However, the immediate effects are straining daily budgets for many.
“Samuel Oludela, a driver in Lagos, said, ‘People are struggling to survive.’” Sales rep Emem Bob echoed this sentiment, stating, “Salaries aren’t rising, but costs are.”
The Nigeria Labour Congress has called for an immediate reversal, though protests have struggled to gain momentum since a crackdown in August. Tinubu continues to urge patience from Nigerians as his reforms take hold.
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