NewzBy Ivo Takor The continuing rise in the price of petrol has moved beyond the realm of energy policy and economic statistics. It has become a serious question of human welfare, social justice and the ability of ordinary Nigerians to live with dignity. Across the country, Nigerians are confronting a cost-of-living crisis in which the price of virtually every necessity is being pushed upwards by the rising cost of transportation and energy.
Recent reports indicate that petrol is selling for about N1,430 per litre in major urban centres, with even higher prices reported in some less accessible locations. For a worker earning the national minimum wage of N70,000 per month, the arithmetic is disturbing. Ten litres of petrol at N1,430 costs N14,300, more than one-fifth of an entire month’s minimum wage.
The N70,000 minimum wage was established under the National Minimum Wage framework following the 2024 amendment. Yet the worker must still eat, travel to work, pay rent, educate children, meet medical expenses, pay electricity bills and provide for other basic necessities. This is why the petrol-price question cannot be examined solely from the standpoint of deregulation, market forces, international crude prices or exchange rates.
Economic policy must ultimately be measured by its impact on human beings. For millions of Nigerian workers, wages are increasingly becoming inadequate before they are even received. Every increase in the price of petrol immediately affects transportation.
Bus operators, taxi drivers, commercial motorcyclists, haulage companies and other transport providers understandably adjust their fares to reflect their increased operating costs. The worker therefore pays more simply to get to work and return home. But the impact does not stop at the bus stop.
Traders pay more to transport goods. Manufacturers and small businesses that depend on generators face higher energy costs. Distributors pay more to move products across the country.
Summary from source