Rising fuel costs are the massive problem for business and consumers
Hello everyone Good evening and welcome to my blogs
The rising cost of fuel has become a significant concern for many individuals and families around the my country Nigeria and are experiencing a challenge with the increased cost of fuel. The daily rising fuel prices have posed a huge threat to existence, which hinders members of the community to effectively carry out their activities. Some are walking to their places of work and school because it is unprofitable to afford the transport fares that have tripled.
The fuel prices have relatively gone up significantly thus resulting in difficulties for people to make ends meet for basic needs in their everyday life. Trekking has become widespread in schools and other working places because of the high cost of transport due to the ever rising prices of fuel. This obviously does not only apply to their daily lifestyles but their health as well.
As earlier mentioned, the increase in fuel prices has social, political, and economic implications to society and the entire country. The rise in the price of fuel has also affected costs of production since cost of production has gone up; this has also led to an increase in the prices of products and services. This has impacted on the spending aspect and thus reducing the rate of economic growth.
The government has not reacted to the situation, instead, it is giving citizens an assurance that measures are being put in place to curb the problem. The ministry of energy has admitted the pressures that the increasing prices of fuel poses to the people and more surprisingly, has not committed itself to finding ways of helping the public overcome these challenges. Nevertheless, it could be said that the efficiency of these measures is still to be determined.
The latest increase in the fuel prices has had a worse impact on the low-income earners, most of whom spend more on basic crops such as food, shelter and transport. This has forced them to cut down on their pump attendant expenses so as to be in a position to afford basic needs in life courtesy of the high fuel prices.
The impacts of high fuel costs can be reduced by proper management measures which include, sharing of cars, using public transport and improving the fuel economy. Also, using renewable energy resources and supporting environmentally friendly vehicles may be useful to reduce the consequences of fuel costs.
Therefore, the increase in the price of fuel affects our daily lives, the economy and especially individuals with small income. There is a need for the governments as well as individuals to look for other measures that could reduce pain.
Posted Using InLeo Alpha