(DDM) — The rising cost of petrol in Nigeria has sparked fresh concerns among economic stakeholders, as prices surge toward N1,400 per litre, triggering calls for urgent government intervention to prevent further economic strain.
The Nigeria Labour Congress and the Organized Private Sector (OPS) have both expressed alarm over the development, warning that continued increases in fuel prices could worsen inflation, disrupt businesses, and deepen hardship for millions of Nigerians.
Labour leaders argue that the steady rise in petrol prices has significantly eroded workers’ purchasing power, making it increasingly difficult for households to meet basic needs. They stressed that without immediate corrective measures, the cost-of-living crisis could escalate, leading to widespread social and economic consequences.
Similarly, members of the Organized Private Sector have warned that businesses are already grappling with high operating costs driven by expensive fuel, which remains a critical input for transportation, logistics, and power generation. According to industry players, the continued surge in petrol prices could force many small and medium-sized enterprises to shut down or scale back operations, resulting in job losses and reduced economic activity.
Economic analysts note that petrol prices play a central role in Nigeria’s inflation dynamics, as increases often trigger a ripple effect across multiple sectors, including food, transportation, and manufacturing. The current trend, they warn, could further push inflation to unsustainable levels if not addressed promptly.
Stakeholders have urged the Federal Government to consider a range of policy responses, including measures to stabilize the foreign exchange market, improve domestic refining capacity, and review pricing mechanisms. Some have also called for targeted support for vulnerable groups and businesses to cushion the impact of rising fuel costs.
Observers say the situation underscores the need for long-term structural reforms in Nigeria’s energy sector. Despite being a major oil-producing nation, the country continues to rely heavily on imported refined petroleum products, exposing it to global price fluctuations and currency volatility.
There are also concerns about the broader social implications of the price surge, with experts warning that rising fuel costs could exacerbate poverty levels and increase pressure on already stretched public services. Transport fares have already begun to rise in many parts of the country, further compounding the burden on citizens.
As pressure mounts, both labour unions and private sector leaders are calling for immediate dialogue with government authorities to find sustainable solutions. Many Nigerians are now watching closely to see how policymakers will respond to the growing crisis, as the price of petrol continues its upward trajectory.
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