FUEL PRICE HIKE: IMPLICATIONS FOR SOCIO-ECONOMIC DEVELOPMENT OF NIGERIA

  • Gilbert Olatunji OBAJEMU Department of General Studies, Kogi State College of Education (Technical), Kabba. P.M.B. 242, Nigeria
  • Foluke Oluwaseun MEMUDU Department of English, Faculty of Arts, University of Ilorin
Keywords: Fuel, fuel price, fuel increase, impact, economy, masses, reactions

Abstract

This paper takes a cursory look at fuel price hike and it's implications on socio - economic activities of Nigerians. It reviews the crucial role of crude production in Nigeria as well as the history of Nigeria's increase in fuel prices. Also, it discusses the reactions trailing increase in fuel prices, impact of fuel prices on the masses and the economy. The paper contends that upward adjustments of petroleum products prices have resulted in inflation, high cost of living, and inequitable distribution of income in Nigeria.

Published
2021-06-19