Businesses Brace For Inflation Surge As Petrol Hits N1,300/Ltr

Businesses across Nigeria are bracing for a fresh surge in inflation following the rise in petrol prices to about N1,300 per litre in several parts of the country.

The latest increase in fuel cost is expected to significantly raise transportation expenses, production costs, and the prices of goods and services nationwide.

Industry stakeholders say many businesses, particularly small and medium enterprises, may struggle to absorb the higher operating costs, forcing them to adjust prices to remain afloat.

Economists warn that the development could worsen the already high cost of living, as increased logistics and distribution costs are likely to be passed on to consumers.

Market traders and manufacturers have also expressed concern that the fuel price spike may lead to reduced purchasing power among Nigerians and slower business activities.

Analysts note that the situation could further push inflation upward in the coming months unless measures are introduced to stabilise energy prices and support businesses facing rising operational costs.