Since May 29, 2023 when President Bola Tinubu took office, fuel prices have skyrocketed from N195 to over N1,000 per litre.
Also, the economy has faced continuous shocks since the start of his administration, and Nigerians are feeling the effects throughout the country.
Since the announcement of the removal of fuel subsidy, fuel prices jumped from N195 to N540 per litre by June 2023. By July of the same year, the price had soared to a staggering N617 per litre, and it hasn’t stopped rising since.
Today, Monday, September 16 2024, the Nigerian National Petroleum Company Limited (NNPCL) has pushed petrol prices at its outlets to over N855 per litre, with some stations charging above N1,000 per litre.
This has resulted in long queues at filling stations and mounting frustration for drivers and businesses.
As a result, the cost of living in Nigeria has risen, impacting households and businesses alike.
Many people are cutting back on trips as petrol costs have spiked from N195 in May 2023 to over N1,000 per litre by September 2024.
Everyone is eagerly awaiting policies that might ease this burden. But until then, there are some practical steps you can take to save on fuel and keep your budget in check.
Here’s what you can do right now
Avoid Idling
Whenever you’re parked or stopped for more than a minute, make it a habit to turn off your engine. Idling burns fuel for nothing. So switch off when it’s safe to do so.
Check Your Tire Pressure Regularly
Proper tire pressure is crucial for fuel efficiency. Underinflated tires can increase fuel consumption by up to 4%. Check your tire pressure every month to keep your car running smoothly and save money on fuel.
Maintain a Steady Speed
Avoid speeding up and slowing down frequently, as these waste fuel. Try to drive at a consistent speed, and if you’re on the highway, use cruise control when it’s safe. This helps keep your fuel consumption in check.
Tighten Your Fuel Cap
A loose fuel cap can lead to fuel evaporation. Make sure your fuel cap is tightly closed to prevent fuel loss and get the most out of your tank.
Consider a More Fuel-Efficient Vehicle
If you’re finding that fuel costs are too high, it might be worth looking into a more fuel-efficient vehicle. These cars can save you a lot of money over time and are often better for the environment.
Use Public Transport
When fuel prices are high, public transport can be a great way to save money. Taking the bus or train reduces your fuel costs and can help you avoid the stress of driving in traffic.
Work from Home When You Can
If your job permits, working from home can be a fantastic way to cut down on fuel costs. It not only saves you money but also helps you avoid the stress and hassle of commuting.
By incorporating these tips into your routine, you can manage your fuel consumption better and navigate the current fuel crisis with a bit more ease.