The removal of fuel subsidies and recent petrol price surge has pushed Nigerian private car owners to turn their vehicles into makeshift commercial services.
The Nigerian National Petroleum Company Limited’s (NNPCL) petrol price increase from N897 to N1,030 per liter has worsened the country’s economic woes. Experts predict this hike will further impoverish citizens and exacerbate the cost-of-living crisis.
Fuel prices have skyrocketed by 174.6% on average, straining consumers already reeling from subsidy removal and currency depreciation. Nigeria’s 22.41% inflation rate in May outpaced wage growth, with fuel and transportation significantly contributing to inflation growth.
Soaring inflation, now at 33.95%, has led to skyrocket
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