The rise in petroleum price has sparked immediate, widespread economic consequences, largely characterized by surging inflation, reduced consumer purchasing power, and increased operational costs for businesses. The increase cascades through transportation, manufacturing, and food sectors, often leading to reduced economic growth, increased poverty, and potential job losses.

 

According to the latest data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the United States reduced its purchase of Nigerian crude oil sharply in January 2026, with imports dropping by about 47.16 per cent month-on-month.

 

Figures from the U.S. International Trade in Goods and Services report indicate that U.S. crude imports from Nigeria fell to 1.664 million barrels in January 2026, down from 3.149 million barrels recorded in December 2025. This represents a decline of 1.485 million barrels within one month, showing a significant contraction in Nigeria’s share of the U.S. crude market.

 

This incessant rise has therefore affected the cost of living of the common man. Goods are now sold at exorbitant prices, making it unbearable for the masses to buy. An average trader now complains of low sales owing to the hike in prices of goods, which is preventing customers from buying one good or the other.

 

In my visit to ‘Oluode’, one of the popular markets in Osogbo, the Osun State capital, I was faced with several complaints from traders ranging from hike in price to poor patronage, among others.

 

In an interview, a rice seller, identified simply as Madam Suliyat, noted that a bag of rice used to be sold for 55 thousand but has now risen to 60 thousand, while a bag of beans has moved from 95 thousand to 110 thousand.

 

She, however, called on the federal government to come to their aid and proffer necessary solutions to the hike. She also called for peace among the warring nations of the world.

 

Similarly, another trader, Madam Hammed, also complained about the hike in food prices like yam flour, which is now sold for 300 thousand naira. She maintained that the high price has affected her sales.

 

She, however, pleaded with the present administration under Gov. Ademola Adeleke to create more soft loans for traders, which will be aimed at making life easier for them, saying that the last time they enjoyed such soft loan opportunities was during Rauf Aregbesola’s administration.

 

Meanwhile, the hike in petroleum price has pushed up transportation and living costs across the country. As the crisis continues, labour groups are demanding relief measures to help workers keep up with the rising cost of living.