“The recent increase in the price of fuel has had a devastating impact on the daily lives of Ibadan residents. Residents spoke out in interviews with the News Agency of Nigeria (NAN), highlighting the sudden and unbearable suffering the hike has caused.
A private accountant, Sola Famakinwa, testified that he spent over ₦3,000 for a ₦1,500 commute from his home to his office. He noted a significant increase in public transport fares, from ₦500 to ₦800 for the Mokola-Apata commute, and from ₦150 to ₦300 for the Mokola-Porte commute.
Similarly, a businessman by the name of Yinka Olumayowa shared his struggles, indicating that he had to spend a large portion of his budget on fuel, which reduced his ability to feed himself despite the cuts he has made on his expenditure. He noted that the increase in fuel prices by NNPC came at an inopportune time and is worsening the country’s already dire economic situation.
Another aspect impacted by the hike is the cost of spare parts for vehicles, as highlighted by Lekan Alao, a mechanic. He revealed that the price of a new engine for a Hyundai Santa jumped from ₦600,000 to ₦950,000 overnight, adding further financial pressure on vehicle owners.
The increase in fuel prices has had a cascading effect on various sectors, including public transport. Taxi drivers like Kunle Olawale have observed queues outside filling stations, each desperate to find fuel despite the prohibitive costs.
The people of Ibadan are therefore faced with a difficult situation, forcing individuals to cut back on their travel and spending to cope with this new financial reality. This sudden and unwarned increase has put a strain on household finances and businesses, raising concerns about the population’s ability to adapt to these new economic conditions.”