5 Ways To Save Money During The Subsidy Fuel Price Hike: By Amechi Okoli

It's no longer news that petrol prices have gone through the roof since President Bola Ahmed Tinubu announced the subsidy removal.

And while there isn't much we as average Nigerians can do to control fuel prices, there are some tactics we can employ to save money.

1. Walk

Of course you can't trek everywhere, but let's be honest, if it weren't for laziness, there are some short distances where we really don't need to take a bike or Keke.

Consider your treks as a form of exercise. You can also count the number of times you walked through trekable distances in a day, then calculate how much you would have spent if you had taken a bike.

You'd be surprised you'd save as much as N1,000 per day simply by walking.

2. Get An Inverter

I know inverters cost money, but for those who live in small apartments, there are low kva inverters you can buy to power your place anytime NEPA misbehaves.

Some of these small inverters cost as low as N40,000, which is far more economical than buying petrol for your generator in the long run.

A liter of petrol in my neighborhood now sells for as high as N500. Which means 10 liters will cost N5,000, and 100 liters will cost N50,000

This is more than the cost of a small inverter. But the difference is that the inverter will last for several years, while 100 liters of petrol will finish before you say Jack Robinson!

I am a professional freelance writer, and using inverters have saved me a lot of money on power.

Sometimes I write up to 4,000 words per day, and running on petrol would be too expensive!

3. Do not increase the price of your goods or services by too much

Now this tactic is tricky because you have to get your numbers right. And if you do, then you'll keep making money even in this time of hardship.

Let me explain.

As usual, a spike in fuel price in Nigeria causes every pepper and bread seller to raise their own prices. That's not bad, but the problem is that in most cases, these sellers raise their prices by percentages that are far greater than the percentage by which the fuel price increased.

To stay ahead of your competition as a retailer, do your math, calculate how much it costs you to produce or bring your goods to the market, find out the price others are selling, then sell yours significantly less.

As long as you still manage to make a profit, then you will outsell everyone else in your neighborhood.

But you have to get your calculations correct!

If Iya Bola is selling her bread for N800, sell yours for N700 (that is as long as you're still going to make a profit).

Trust me, the N100 difference is more than enough to draw customers your way.

4. Limit Your Movements

Humans are social creatures, which is why we like hanging out with friends and family. But let's call a spade a spade, going out has now become expensive thanks to the increase in fuel prices.

And with that being said, only go to places that are important (like school or work).

Work from home if you're a freelancer like me. Go to a nearby church on Sundays, and have your evening drinks at bars that are close to your house.

Save money by avoiding going too far for things you can get nearby.

5. Stream More

This tip is dedicated to my fellow football fans who never want to miss a match.

Why turn on your generator to watch soccer games when there are smartphone apps that enable you to watch the same matches live?

Same applies to watching UFC fights, WWE wrestling, and some other sporting events.

Bad as e bad you go watch the highlights for YouTube.

In case you didn't know, data is cheaper than petrol.

So guys, that's all the cost-cutting tips I have to share with you in these trying times. Feel free to share some more if you have any ideas.

About The Writer

Amechi is a professional freelance writer who's been crafting original, educative, and entertaining articles for many years.

His interests lie in business, sports, music, movies, TV shows, lifestyle, and fiction.

Want to connect? Then send a WhatsApp message on +2348033422206

Cost saving tips!