There is pressure on the Federal Government to introduce economic relief measures as the escalating conflict between the United States and Iran drives up global crude oil prices and pushes petrol costs to record levels across Nigeria.
Industry operators, economists, labour unions and private sector leaders have urged the government to deploy the expected windfall from higher oil prices to cushion the impact on citizens and businesses, warning that soaring fuel prices are already deepening economic hardship.
The stakeholders sought some palliative measures to cushion the effect of the rising petrol, diesel, and aviation fuel prices, especially as this may heighten the volatility of the country’s inflation figures. Some even called on the government to subsidise the pump prices of petrol.
The calls come amid reports that petrol prices have climbed to between N1,200 and N1,300 per litre in different parts of the country, while projections from industry players indicated that prices could exceed N1,500 per litre and potentially approach N2,000 per litre if the Middle East crisis persists.
