Anambra Leads List of 10 States With Highest Fares As Transport Companies Adjust Prices

• Nigerians paid more to travel within the country amid rising petrol and diesel prices and naira depreciation
• According to new data, average transportation costs by bus within the city increased by 0.86% and 0.10% for inter-city travel
• Motorists and transport companies were forced to review their ticket prices for both inter- and intra-state travels.

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 revealed that the average cost of bus journeys within the city per drop stood at N976.08 in May 2024.

This represents a 0.86% increase in bus journey within the city when compared to the average fare of N967.76 reported in April 2024.

However, when the fare in May 2024 is compared to the same month in 2023, the cost of bus journeys within the city per drop rose by 50.26% from N649.59 in May 2023

Read also

Naira depreciates again against US dollar, banks, traders quote new exchange rate

NBS disclosed this in its latest transport fare watch list report for May 2024, which was released on its website.

Also in another category, the bureau stated that the average fare paid by commuters for bus journey intercity per drop was N7,129.46 in May 2024.

This is an increase of 0.10% on a month-on-month basis compared to N7,122.57 in April 2024.

While on a year-on-year basis, the fare rose by 78.14% from N4,002.16 in May 2023.

Nigerian states with highest, lowest transport costs

The report also provided a breakdown of state residents paid more for travel by bus.

Part of the report reads:

On state profile analysis, for intercity bus travel (state route charged per person fare), the highest fare was recorded in Anambra with N9,650.00, followed by Akwa-Ibom and Gombe with N8,300"

Read also

DMO explains how Nigeria’s debt ballooned from N97.34tn to N121.67tn in 3 months

"The least fare was recorded in Kwara with N5,530.00, followed by Ebonyi with N5,630"

"While Taraba state recorded the highest bus journey within the city (per drop constant route) in May 2024 with N1,455.00 followed by Ondo with N1,220"

"On the other hand, Abia recorded the least with N510.00, followed by Adamawa with N600"

Here is a snapshot of 10 states with most expensive fares

Marketers give conditions to crash petrol price

Legit.ng earlier reported that the Major Energy Marketers Association of Nigeria (MEMAN), which represents oil marketers, highlighted the reasons the price of gasoline at the pump cannot decrease below N300 a litre.

The marketers spoke in reaction to rumours that the Dangote Petroleum Refinery and other Indigenous producers and refinery operators would begin significant production and lower the pump price of Premium Motor Spirit to approximately N300 per litre.

Read also

Naira crashes again against US dollar at official market as CBN governor makes promises

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng