The constant increase in fuel price is very alarming. It is a challenge for us trying to maintain our business operations without passing the cost on to the customers. We have had to rethink our strategies, cut back on some expenses and focus more on efficiency. It is not easy. However, we are taking it one day at a time.
The relentless rise in petroleum prices has left consumers reeling, businesses struggling and economists raising the alarm. Inflation related to rising fuel costs has driven up prices across the board, eroding purchasing power and squeezing household budgets. Higher energy costs could affect economic growth, as businesses face increased production costs and reduced consumer spending.
Policymakers must act swiftly to address the root causes of this crisis and mitigate its effects. The government should diversify energy sources to reduce dependence on fossil fuels, invest in renewable energy infrastructure and implement targeted support for vulnerable population. Moreover, there should be concern for students especially for those from poor background as the present condition can lead them into desperation.
Oludola Johnson, Ibadan
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