Since May 29, 2023 when President Bola Ahmed Tinubu, on the very day of his inauguration, uttered those three words, SUBSIDY IS GONE, Nigerians have been thrown into the kind of suffering never been seen in these climes before. The price of Premium Motor Spirit (PMS), popularly known as petrol, quickly jumped from around N167 to over about N600 officially, and has been on an upward surge since then. As I write this piece, a litre of petrol sells for about N1,200 in many filling stations across Benin City. It is the same story across Nigeria, even though the Nigerian National Petroleum Company Limited (NNPCL) pegged the price at N855. Questions are still being asked why NNPC should be fixing the pump price of petrol id truly “subsidy is gone”. Whether there is subsidy or not is still a matter of controversy, but let’s leave that matter for the experts.
Our concern today is that Nigerians have been bearing the consequences of the high cost of petrol, which is an integral part of everyday activity in the country. The high cost of petrol has worsened the cost of living. Cost of foodstuffs is so high that many families find it difficult to eat one meal a day, not to talk of a decent meal. The situation now is very critical.
The hope that Nigeria’s refineries will work and help to bring down the cost of petrol has not materialised. The second part of the hope was that the coming of Dangote Refinery would drag the fuel pump price slightly lower than the current price. However, after an initial squabble between Dangote and NNPC. there is still no clarity as to whether this will happen or not. Dangote says it is the government (or the NNPC) that will determine the price at which the refinery will sell its petrol, NNPC says its pricing should not determine the retail price of Dangote petrol. We don’t know who to believe.
The only thing that seems to be clear now is that Nigerians are on a long thing. For now, we know that the price of fuel is high and may keep going higher. How can you cope with this situation? Here are some tips to help adjust to the recent hike in price of petrol:
1 Carpooling: This can be a very good way to cut down on petrol expenses and save some cash. Carpooling involves sharing petrol expenses with colleagues, neighbours, or friends with similar routes and schedules with you. This can also help you make new friends, network and strengthen an old bond between friends and loved ones.
2 Cut down on social activities and on travels: This particular point is not an easy one to adjust to because sometimes, we find it difficult to say no to family and friends when they invite us to their functions. But with the current price of petrol, it is an essential thing to do. It is advisable to plan in-door activities that will not need you spending on petrol. If boredom sets in, engage in some fun activities with friends and family members who are closer to your home. Also keep your travel limited and take only trips that are absolutely necessary.
3. Consider reducing your petrol consumption: Consider the use of one vehicle if you have more than one and invest on other means of power supply like inverters. They can be reliable and cost-effective over a long period of time when compared with the use of generators in this era of high cost of petrol. The ability of the inverter to store electricity for a power outage, and in electricity supply fluctuation, reduces the use of generator to a great extent. Though they are expensive, their durability and long-lasting nature compensates for the high cost of purchase in the long run.
4. Consider the use of public transportation: This can be a great way of moving around which is generally cheaper than the use of your own car. It helps you to save some reasonable amount of money especially when you have exceeded your budgeted amount on petrol before the allotted time.
5 Budget your spending: Identify where you can possibly reduce unnecessary expenses by working with a budget. Always adjust your overall spending to suit this high petrol situation to help you navigate economic hard times that we are currently in.
6. Embrace the use of some rechargeable electronic appliances: Some of these appliances require little amount of electricity to function while some need just solar to be powered. Rechargeable LED or solar torches and bulbs are examples.
Times are tough, but it is tough people that survive tough times. We will all come out of this unscathed. That’s my prayer.
Do enjoy a restful weekend.
