Hike in petrol price will worsen inflation

The Manufacturers Association of Nigeria (MAN) has reacted to the increase in petrol prices stating that Small and Medium Scale Enterprises would be particularly affected thereby leading to scale down operations or complete shut down.

The Director General of MAN, Segun Kadir disclosed this in an interview with newsmen on Wednesday.

According to him, the hike in Premium motor spirit will result in high operational costs in terms of transport and logistics and businesses unable to pass the cost to customers might be forced to close shop.

He added that the hike may also result in higher transport fares and increased costs for goods and services, potentially leaving citizens with reduced disposable income.

The Director-General noted that a decline in purchasing power could lead to lower demand for non-essential goods and services, affecting businesses across various sectors and putting additional strain on household budgets.