The recent 50% increase in petrol prices in Nigeria has sparked widespread discontent among families and businesses. Petrol prices have surged to record highs between N850 and N1,400 per litre, driving up the cost of living and adding significant financial strain. The hike has exacerbated household budgets, with many struggling to afford essentials and facing higher transportation costs. Overall, the fuel price increase is expected to worsen inflation, erode household incomes, and strain both personal and business finances, impacting Nigeria’s already struggling economy.
Petrol Price Hike Raises Cost of Living for Businesses, Families
Updated on September 13, 2024