Petrol prices in Imo State escalated from N650 to N700 per litre on Wednesday, November 8, causing significant distress among commuters.
The price surge, exceeding a 100% hike by commercial drivers, has imposed substantial challenges on residents’ transportation expenses.
According to a report by The Nation, the hike is linked to several factors, including the perceived threat by the Nigeria Labour Congress (NLC) to cut fuel supply to the state.
However, sources from fuel dealers along the Owerri-Aba road suggest that the recent petrol price surge is predominantly attributed to the escalating dollar cost against the naira, surpassing N1000 to a dollar.
Amidst the turmoil faced by commuters struggling with the sudden price surge, the correlation between the petrol price hike and the NLC strike threat remains a topic of debate.
Fuel dealers affirm that the primary cause for the spike in petrol prices is the dire exchange rate situation rather than the actions or threats of the NLC.
This development has significantly impacted the cost of living for residents, compelling them to grapple with increased transportation expenses in the wake of soaring petrol prices.
