The recent surge in fuel prices has reverberated through the transportation sector, causing a staggering 75% increase in commuting expenses for the average Nigerian.
The National Bureau of Statistics (NBS) revealed the disconcerting statistics in its latest report, shedding light on the pervasive impact of skyrocketing petrol and diesel prices.
President Bola Tinubu’s withdrawal of the federal government’s subsidy on petrol in May, coupled with the ongoing liberalization of the diesel market, has led to an unprecedented spike in fuel prices.
The NBS’s “Transport Fare Watch for October 2023” indicates that the average retail price for Premium Motor Spirit (PMS) or petrol reached N630.63, a substantial 222.92% surge compared to October 2022.
While the Nigerian National Petroleum Company Limited (NNPC) aims to halt fuel importation by the end of 2024 with refinery rehabilitation projects underway, the current scenario presents a daunting challenge for commuters.
Zamfara state recorded the highest average retail price for petrol at N659.38, while Lagos, Oyo, and Delta states witnessed comparatively lower prices at N590.95, N592.19, and N599.38, respectively.
The North-east zone registered the highest average retail price of N644.16, contrasting with the South-west zone’s lowest price of N616.81.
The surge in fuel costs has cascaded into other modes of transportation. Commuters now face a 75% increase in bus fares within cities, intensifying the financial burden on an already strained populace.
Inter-city bus fares rose by 53.04%, exacerbating the economic challenges faced by Nigerians.
As citizens grapple with the aftermath of these price hikes, concerns linger about the broader economic implications and the potential for further adjustments in response to global market dynamics.
The transportation sector’s resilience and adaptability will be tested as commuters seek innovative solutions to navigate this challenging terrain.
