Transport Companies Increase Fares As Filling Stations Sell Fuel at New Price

Transport Companies Increase Fares As Filling Stations Sell Fuel at New Price

  • 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.

Read also

N1,631.17: Again, naira depreciates against US dollar, CBN gives pound, euro new exchange rates

Transport companies adjust prices
Nigerians pay more to travel Photo credit: Bloomberg/contributor
Source: Getty Images

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.

Read also

Again, naira depreciates against US dollar in official market

"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

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

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.