00:06Since late February, global oil market jitters tied to the war on Iran have filtered into Nigeria's domestic economy.
00:13Fuel prices have climbed sharply after multiple adjustments by marketers responding to high import and freight costs.
00:19For millions of Nigerians, there has been an immediate impact, especially in transport.
00:25There are days where I don't even have to, I can't go out in my car, just because of the
00:30hike and the petroleum prices.
00:32There are times clients call me to meet up with them, certain places.
00:37Before we don't do it, now I have to tell the client, you have to send me transport fail.
00:41In the capital of Abuja, commuters say transport costs are consuming a growing share of their income.
00:47And with global oil prices remaining volatile, local reports suggest another increase could be on the horizon.
00:53I mean, it has been difficult, like I just dropped from GUDU and I paid 400, something that used to
00:59be a hundred dollars,
01:00and you can see it's like four times what it used to be before.
01:03And when I'm going, I don't know how much it would be, because looking at the cost of everything and
01:08before price,
01:09one thousand dollars I can barely take care of my transport.
01:12But the impact goes beyond commuting. In a country where businesses rely heavily on diesel generators due to unstable power
01:19grid,
01:20rising fuel costs are pushing our production expenses across industries.
01:24From manufacturing to retail, these costs are being passed on to consumers, fueling broader inflation.
01:30So most people look at it from the logistic parts, but we also have an operation part, which is increasing
01:37the cost of operation.
01:38I mean, Nigeria power is not a steady thing, so most of our production rely on the use of diesel
01:46to power the plant.
01:47The war can be seen as elephant fighting elephants, and the ant is actually suffering. So it's affecting everybody.
01:59The crisis could not come at a worse a time. Nigeria had only recently seen inflation eased to around 15%,
02:05its lowest level in years.
02:07But analysts warned that rising fuel prices could reverse those gains.
02:11Poor飲料 happens.
02:13What has happened to be in Hениеpa?
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