Fuel price hikes raise business costs across Lagos

Fuel price hikes raise business costs across Lagos

Residents, transport operators and business owners in Lagos say fuel price hikes raise, are increasing transportation fares, business costs and pressure on household incomes.

A survey by correspondents of the News Agency of Nigeria (NAN) showed that petrol prices rose from about N1,250 per litre to above N1,300 in many filling stations, with some outlets dispensing at N1,440 per litre.

Mr Hassan Dogara, Station Manager, NNPC Falomo, said the fuel market is volatile.

According to him, global supply disruptions and rising operational costs are contributing to the increase.

A commercial driver, Mr Adeyemi Olufemi, said the development had significantly affected transport operators and commuters.

He said his daily fuel expenses had risen from N11,000 to about N23,000.

“The increase has made business difficult because many people now prefer walking or staying at home,” he said.

In Festac Town, a fashion designer, Mr Oluwaseun Alamu, said he had become more dependent on petrol-powered generators to run his business.

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“Things are very difficult now. Paying for basic necessities is expensive, and I have had to reduce my living expenses drastically,” he said.

A real estate operator, Mr Emmanuel Okpa, said rising fuel and diesel prices had increased operational costs for many businesses.

Also speaking, a businesswoman in Surulere, Mrs Bilikis Oladeji, said she now spends at least N50,000 weekly on fuel.

“The situation has created uncertainty because many Nigerians are worried about the future,” she said.

A digital writer in Mushin, who preferred anonymity, said higher transport fares had forced him to reduce movement and cut expenses.

The development has continued to increase transportation costs, commodity prices and overall living expenses for households and businesses.