Cost Of Living Rises As New PMS Pump Price Hits Nigerians Hard

Cost Of Living Rises As New PMS Pump Price Hits Nigerians HardMany Nigerians are expressing their frustration over the rising cost of living triggered by the recent increase in petrol pump prices. They shared their concerns with the News Agency of Nigeria on Sunday in Abuja.

Economic expert Dahiru Garba highlighted that the surge in fuel prices from N897 to N1,030 per litre could further impoverish many Nigerians. He emphasized that this abrupt increase by the Nigeria National Petroleum Company Limited (NNPCL) and marketers represents more than just a simple adjustment in fuel pricing.

Garba noted the extensive impact this hike will have on Nigeria’s private sector, trade, and the already struggling populace. He warned that without government intervention, the economic and social consequences of this price rise could be dire and long-lasting, pushing more individuals into poverty. “We will see immediate increases in transportation costs, which will lead to higher food prices, adversely affect businesses, and drive up inflation,” he explained. He further stressed that small and medium-sized enterprises (SMEs) and the agricultural sector could face significant challenges in the long run.

To mitigate these effects, he urged the Federal Government to recognize the situation’s gravity and implement measures to lessen the impact, such as providing targeted incentives for energy efficiency, cutting wasteful spending, and reducing governance costs.

Mary Chatta, a widow, voiced her distress over the high cost of living. “My children are unemployed and rely on my pension, which hasn’t been adjusted in line with the minimum wage act. A bag of rice now costs over N100,000. We can’t afford to eat daily; I’m scared for our survival,” she lamented, calling on the government to address the country’s economic challenges.

Frozen food vendor Mrs. Oyiza Malik also reported that the petrol price increase has escalated her transportation costs. “I’m struggling to cover essential expenses like food and rent. Balancing my budget has become incredibly difficult. We expected much from this government, but this is far from what we anticipated. Low-income households are particularly hard-hit as they already face immense challenges,” she said.

Taxi driver Emeka Uzor shared how the price hike has depleted his savings and eliminated his profits. “I might have to quit this business and find something else to do. Passengers complain about the high transport fares, but we have no choice when fuel is N1,250 per litre. The fare from Banex to Gwarimpa has risen from N200 to N500, and from Kubwa to Berger, it now costs between N1,000 and N1,500, which is unacceptable,” Uzor lamented.

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