Fuel Price Hike: 7 Crucial Things To Know In A Time Like This

The ongoing increase in fuel prices in Nigeria, occurring intermittently throughout the year, shows no signs of stopping. The most recent hike occurred yesterday, towards the end of business hours on Monday, July 8th, 2024, causing widespread concern across the country. Many citizens are now uncertain about its implications for their employment, daily routines, transportation, and other facets of their lives.

As people try to adjust to this new reality, it is important that we explore the things that could help us face this situation. We’ll explore eight essential things to consider during this challenging time.

  1. Understand the Economy 

The fuel price hike doesn’t only affect the prices of fuel; it also affects the prices of food ingredients, transportation, logistics, and inflation. So, get your mind and your resources ready.

  1. Transportation Costs

For those who do not have cars and rely on transport services like Uber, Bolt, InDriver, and others, note that the prices will be higher than you have ever seen before. These apps already cost a lot, so imagine what the prices would be at this time. MY BROTHER, MY SISTER, USE YELLOW BUS OOOH….

  1. High Possibility of More Traffic 

Most fuel stations might shut down due to the inability to meet the prices from distributors, leading to fewer fuel stations being open and longer queues at those that are, resulting in increased congestion on the road. Make sure to prepare, fill your fuel tanks if resources allow it, and leave your house early if you are a working-class citizen.

  1. Possibility of More Accidents on Major Roads 

As the fuel price hike takes effect, the likelihood of accidents on our major roads increases due to increased frustrations, fatigue, and reckless driving by motorists trying to beat traffic. We urge our dear motorists to please exercise extreme caution, obey traffic rules, relax, and prioritize your safety.

  1. Compare Fuel Prices 

Comparing prices at different filling stations could help you save money and cut costs. Check prices at different filling stations. By comparing fuel prices, you can make an informed decision and avoid overpaying for fuel, even with the price hike.

  1. Plan Your Trips Ahead

Planning your weekly trips ahead of time could really help you cut costs and build a fuel budget. Combine errands and plan your routes to reduce fuel consumption. Truthfully, no one actually knows how much fuel they’ll use when they go out, but planning helps to a certain extent.

  1. Budget Accordingly  

Adjust your budget to accommodate the high fuel costs. Try to cut down on things that you do not necessarily need. Be able to differentiate between your needs and wants, and assess your income and expenses to identify areas where you can make adjustments to accommodate higher fuel costs.

Wrapping Up,

The fuel price hike in Nigeria is a harsh reality that we must try to confront head-on. By understanding the economic implications and taking proactive steps to adjust our daily lives, we will be able to deal with the effects of the increase.

Written by Seunfunmi Joshua

Seunfunmi is a Publicist, Filmmaker, Writer & Producer of Live Events..

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