Should suffering continue? As Nigerians in the doom of high fuel price increase.

BY CHIICHII GODWIN, BAUCHI

The high cost of fuel in Nigeria today has become a burden and a reality that millions of Nigerians are facing. This is a crisis that has caused financial loss to the daily lives of ordinary Nigerians. The cost of this high fuel price has broken the transport sector and food production. The transport system has increased transport fares three times the amount paid within the last two years. The high cost of fuel is now the factor prescribed for goods and services, with foods, especially due to their dependence on fuel.

The major factors that have led the high cost of fuel due to the high cost of fuel include removing fuel subsidy, causing the economic breakdown of small businesses, which are struggling to end. The devaluation of the currency is another factor that has contributed to the high price of fuel. Nigerian Naira has weakened against the US dollar, increasing the cost of importing fuel products.

Inadequate local refineries in the country are another factor contributing to the high cost of fuel prices. Despite being one of the major oil producing countries, Nigeria still depends on the import of refined fuel. In my opinion, the Nigerian government should prioritize the manufacture of domestic refineries to reduce dependence on imported fuel.

The Nigerian government should also implement policies that will stabilize Naira against the US dollar and deal with Naira's devaluation. In addition, the government should set up a regulatory body to oversee the transport of goods and services, reducing transportation fares and reducing the burden on the public.