Strong indications emerged at the weekend that Nigerians may pay more for fuel and other goods imported into the country after shipping companies including Maersk and Mediterranean Shipping Company, announced a rate hike in prices of bunker fuel which is a fallout of higher oil prices.

The fuel used to power ships is technically known as bunker fuels and Nigeria, which depends on importation for machinery, fuel and other items, might need to pay for the increased prices.

The implication is that consumers would either have to pay for the additional cost if the shipping companies fail to absorb the increased costs. Maersk is the world’s largest container ship and supply vessel operator and Mediterranean Shipping Company is ranked the second largest.

Source: The Sun