The Abuja Chamber of Commerce and Industry has warned that the recent increase in fuel prices in the country can lead to a severe economic crisis.
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The Nigerian National Petroleum Company Limited Retail Management approved the upward review of PMS pump price from N617 per litre to N897 per litre effective from September 3.
The ACCI President, Emeka Obegolu, said this during an interview in Abuja on Thursday.
Mr Obegolu said the price hike could have widespread repercussions, particularly on the business community, which was already grappling with inflationary pressures and high exchange rates.
According to him, the increase in fuel prices directly exacerbates the cost of operations for businesses across all sectors.
He said, “As fuel is a critical input in production and transportation, the price spike will lead to a corresponding rise in operational expenses. This escalation inevitably will result in higher prices for goods and services, which diminishes consumer purchasing power and reduces demand.’’
The ACCI boss emphasised the vulnerability of Small and Medium Enterprises which formed the backbone of the Nigerian economy.
Mr Obegolu said that businesses already operating on narrow margins were especially susceptible to the adverse effects of the rising costs and had limited capacity to absorb such shocks.
“We also anticipate potential disruptions in the supply chain due to increased transportation costs, which can further exacerbate the challenges businesses are currently facing. The fuel price increase was neither anticipated nor expected, especially as the nation is still reeling from the effects of a previous price hike.
“The recent unrest, culminating in a 10-day industrial strike tagged #EndBadGovernance saw business activities severely disrupted, with incidents of looting and property destruction adding to the woes of the business community,” he said.
Mr Obegolu called on the Federal Government to take immediate action by reversing the fuel price hike and reducing living costs rather than imposing additional financial burdens on Nigerians.
He pointed out that businesses struggling to survive might be forced to shut down, while those already closed might find it impossible to recover without government intervention.
Mr Obegolu cited a recent roundtable organised by the ACCI on “Implementing an effective price control system in Nigeria.”
He said stakeholders at the meeting, including government officials, policymakers and industry experts, discussed the need for a robust regulatory framework to address the rising cost of goods and services.
He said the discussions reiterated the importance of price control in stabilising the economy and protecting consumers.
The ACCI boss cautioned that the recent fuel price hike could further aggravate Nigeria’s economic situation.
The chamber urged the government to prioritise the construction of modular refineries, which would reduce the nation’s reliance on imported refined petroleum products and foster a more sustainable economic environment.
Mr Obegolu restated ACCI’s commitment to continually advocate for policies that could create a conducive business environment and promote long-term economic growth in Nigeria.
Meanwhile, the hike in the petrol price has increased transportation fares within Kaduna metropolis with the residents lamenting. .
A check conducted on Wednesday in Kaduna showed that the cost of transportation for a commercial tricycle (keke) from the central market to Sabo was now N500 as against N300 before.
Also, from the same market to Barnawa and Nararyi settlements now attracts N400 as against N250.
Others include Gonin Gora to Kasuwa- N500 as against N300, Kakuri to Kasuwa- N400 from previous N300 and Kasuwa to Kawo now attracts N300 from the previous N200.
Some of the residents, who spoke during separate interviews, further decried that the same development applied to commercial motorcycle operators who now charge double for a drop within the neighbourhoods.
A commercial tricycle operator, Abubakar Sa’idu, said the current fares were likely to be increased in the coming days.
He said it was difficult to join the queues at the NNPC stations, saying, “this is because it could take one almost half of the day before getting fuel. As such, we now buy from the black markers for a whopping sum of N1,400 per litre. “The passengers do not blame us because everyone knows the situation we have found ourselves in Nigeria. We hardly make meaningful turnover as commuting has drastically dropped because people don’t go out anywhere except when it becomes necessary.”
On his part, a commercial motorcycle operator, Danjuma Musa, said the hike became inevitable if they must make ends meet considering the high cost of petrol.
Mr Musa said, “Most times lately, I prefer to be stationed at strategic junctions and not roaming around like I used to do before scouting for passengers.’’
A resident of Barnawa, Abigail Adams, lamented how the cost of transportation was affecting her work resumption.
She said, “With the meagre salary I earn, I now spend at least N1,200 daily to and from work and I wonder how one can sustain having to spend this much on transportation. I urge the government to consider the plight of the citizenry by reverting the pump price and also fast-track payment of the new national minimum wage.’’
Also, a resident of Ungwan Romi, Haruna Dauda, expressed worry on how most of the parents would cope when their wards resume school in the coming week.
Mr Dauda stated, “This situation is so pathetic and may get worse when our children resume school. Imagine the parents that have three to four children that have to go to school every day, not to mention other costs like feeding and school fees.’’
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