Analysis of the effects of fuel hike on transport operations on mobility of goods and services in Oyo state
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Description
Fuel price hikes have a significant impact on a country's economic development because they affect travel patterns, freight and service travel, and the cost of operating public transportation, which affects things like road tolls, car maintenance, and mobility costs. This study looks at how fuel price hikes affect Ibadan's public transport operators and how the city's transportation system is affected by fuel prices. A study involving 286 respondents from ten automobile parks in Ibadan found that most respondents (29.7%) reported high mobility expenses, with customer satisfaction second (26.6%). Fuel price increases can lead to higher freight or service mobility costs, as fuel prices increase the cost of public transportation. A regression analysis showed a significant correlation between fuel price increases and public transportation operations in Ibadan.According to the report, rising gasoline prices have a direct impact on inflation and discourage people from taking public transit. According to the findings, in order to lower inflation, the government should create an intervention program to discourage fuel hoarding among fuel marketers. Keywords: Fuel Hike, Transportation, Costs, Subsidy Freight