The haulage industry in Nigeria is under threat due to growing energy and spare part costs, as operators are losing more money and finding it difficult to break even.
The depreciation of the naira and the elimination of petrol subsidies have led to an additional increase in the cost of diesel and vehicle spare parts, exacerbating the predicament of truck drivers.
According to the News Chronicles, the price of a litre of fuel varied between N800 to N850 a year ago to between N1,600 and N1,700 today, depending on the state and the marketer.
This translates into a yearly increase in the price of diesel by 100%.
The average retail price that consumers paid for automotive petrol oil, often known as diesel, grew by 39.11 per cent yearly from N828.82 per litre in January 2023 to N1,153.01 in January 2024, according to the National Bureau of Statistics (NBS).
The average price in January 2024 was N1,153.01, up 2.34 per cent on a month-over-month basis from N1,126.69 in December 2023.
Due to the significant fluctuations in foreign exchange rates and the high cost of customs, some businesses have been forced to reduce their imports or close their doors.
These problems are severely hurting truckers who depend on imports and exports for a living, as well as indirectly affecting the port’s business volume.
The impact of inflation on the haulage industry is evident in the growing prices of spare components, in addition to rising energy expenses.
