New Fuel price: Transport Companies Increase Fares

• Following another fuel price increase, the National Bureau of Statistics has revealed that Nigerians now pay more for transport
• New data shows that the cost of bus journeys within the city increased by 3.45%, while the cost of intercity bus journeys has increased by 0.22%
• The highest transportation fare by bus was recorded in Anambra, followed by Gombe and the lowest fare was recorded in Kwara

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics (NBS) has disclosed that the average fare paid by commuters for bus journeys within cities increased to 3.45% from N869.35 in August 2024 to N899.31 in September 2024.

While on a year-on-year basis, it declined by 32.38% from N1,329.94 in September 2023.

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NBS disclosed this in its latest transport fare watch (October 2024), released on its website.

Bus Journey intercity

The report also revealed that the average fare paid by commuters for an intercity bus journey per trip was N7,175.06 in September 2024.

This represented an increase of 0.22% on a month-on-month basis compared to N7,159.00 in August 2024.

While on a year-on-year basis, the fare rose by 21.26% from N5,917.16 in September 2023, Punch reports.

States with highest transport fares

The bureau also revealed the states where Nigerians paid more to travel both within and outside their residence.

The report noted:

"For intercity bus travel (state route fare per person), the highest fare was recorded in Anambra at N9,587.27, followed by Gombe at N8,330.05.

"The lowest fare was observed in Kwara at N5,579.42, followed by Ebonyi at N5,611.06.

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"For within-city bus journeys (per drop, constant route) in September 2024, Zamfara recorded the highest fare at N1,180.70, followed by Taraba at N1,152.26."

Again, filling stations adjust fuel prices as marketers

Earlier, Legit.ng reported a new fuel price at filling stations as marketers prepare to load petrol products from the refinery.

The deregulated petroleum market means market forces will now determine the pump price.

Motorists have shared their experiences buying at the new prices at filling stations.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng