Fuel Price Hike: Business Operators Panic, Fear Shutdown, Job Losses

Fuel Price Hike: Business Operators Panic, Fear Shutdown, Job Losses
Fuel Price Hike: Business Operators Panic, Fear Shutdown, Job Losses

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Members of the organised private sector, on Wednesday, expressed fear over the possible shutdown of businesses and job losses following the hike in the pump price of Premium Motor Spirit, popularly called petrol, by the Nigerian National Petroleum Corporation Limited and fuel marketers.

On Tuesday, the NNPCL and other oil marketers raised the price of petrol from about N537/litre to between N617 and N630/litre, a development that triggered widespread anger across the country.

Commenting on the matter, the President, Manufacturers Association of Nigeria, Francis Meshioye, said the unpredictability of fuel price hikes would take a serious toll on manufacturers who already had to readjust budgets to factor in the added costs caused by the removal of fuel subsidy.

He said the increase in fuel price had already raised the cost of logistics, which would be compounded by the latest hike.

He stated that given the trend, there were fears among manufacturers that this might not be the final increase and urged the government to develop a culture of engaging key stakeholders before decisions with far-reaching consequences such as this, were taken.

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“When fuel subsidy was removed, most people were of the opinion that the change that would occur was going to be a one-off change. If there was going to be any change, we expected little, not a skyrocketing one.

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Fuel Price Hike: Business Operators Panic, Fear Shutdown, Job Losses

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