"No More N26k": Transport Companies Announce New Price Lists Ahead of Christmas Travels

"No More N26k": Transport Companies Announce New Price Lists Ahead of Christmas Travels

  • A report by the National Bureau of Statistics shows that the cost of intercity and intracity transport rose by 75%
  • The report said the increase is due to the removal of petrol subsidy by President Bola Tinubu
  • The development has led to transport companies adjusting their prices ahead of Christmas travels

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The National Bureau of Statistics says that transport fares have risen by as much as 75% since May 2023, when President Bola Tinubu announced the removal of petrol subsidies.

The NBS’ Transport Fare Watch for October 2023 disclosed that intracity journeys, bus journeys, and airfare charges for specific routes have more than doubled.

Transport fare, Chisco, GIG
Transporters across Nigeria have announced new price-lists Credit: @ABC
Source: Getty Images

The high cost of petrol leads to the high cost of transport

Read also

FG moves to introduce 50% subsidy on fertilizers, seeds, other agricultural inputs

ThisDay reports that the average retail price paid by consumers for petrol for October 2023 was N630.63 per litre, showing a 222.93% rise compared to the value recorded in October last year.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Also, comparing the average price value with September 2023, the average retail price of the product rose by 0.71% from N626.21 per litre of petrol.

According to the report, Zamfara state recorded the highest average retail price for petrol at N659.39, Gombe, and Borno at N658.33 and N657.27 per litre, respectively.

Top states and zones with the highest petrol prices

Lagos, Oyo, and Delta states recorded the lowest average retail price for petrol at N590.95, N592.95, N592.19 and N599.38, respectively.

On a geopolitical level, the Northeast recorded an average retail price of N644.16, and the Southwest recorded the lowest price of N616.81.

Read also

Shipping company raises imported vehicles tariff by 25%, gives implementation date

Following the increase in petrol and diesel prices, transport companies adjusted their expenses to reflect the high cost of gasoline and increased patronage from travelers ahead of the Christmas celebrations.

Feelers show that many Nigerians may not been keen to travel for the Christmas celebrations due to the high cost of transport fares caused by the rise in petrol and diesel prices.

Transporters hike prices ahead of Christmas

Before subsidy removal, the average transport fare to Onitsha in the Southeast was about N10,000. The price doubled after subsidy removal.

The transporters report low patronage as Nigerians have reduced travel costs due to increased fares.

Transporters told Legit.ng that they charged about N13,000 to Onitsha between June and August due to low patronage and demand.

“The low demand at that period was largely due to the weather. Nigeria is usually at the peak of rainfall between June and August. So, transporters are always forced to cut down on their fare,” Ugochukwu Eze, a Manager with Okeyson Motors in Ogba, Lagos, said.

Read also

FBN Holding records largest single-day increase in 5-months on CBN's recapitalization plan

He said the prices will rise by over 50% as Christmas approaches due to increased demand.

Various transport companies have adjusted their prices ahead of the yuletide as of November 28, 2023.

Good Is God Transport (Jibowu), mainly Toyota Hiace vehicles and Jet Movers

  • Lagos-Owerri (N27,800)
  • Lagos-Akwa ibom (N29,300)
  • Lagos-Portharcourt (N30,500)
  • Lagos-Abuja (35,000)

Ekeson Transport (Jibowu)

  • Lagos-Owerri(N19,000)
  • Lagos- Port Harcourt (N15,500)
  • Lagos-Abuja (VIP N29,100, economy N24,800)

Chisco transport (Jibowu)

  • Lagos-Owerri (N19,000)
  • Lagos-Port Harcourt (N19,000)
  • Lagos-Abuja (N33,000)

Subsidy removal: Transportation costs surge 98% in one month, transporters release price list

Legit.ng reported that the NBS said the average cost of transportation in Nigerian cities increased from N649.59 in May to N1,285 in June following the removal of petrol subsidies.

The development means intra-city transportation surged by 98% or N636 in one month.

Per figures from the Transport Fare Watch list by NBS for June 2023, the cost included the breakdown of bus journeys within Nigerian cities per drop constant route and bus journeys charge per person, among other means of transportation.

Read also

FG moves to crash price of cooking gas as price surges above N1,000 per kg

Source: Legit.ng

Online view pixel