Transportation fares in the Federal Capital Territory (FCT) and its neighbouring states of Nasarawa, Niger and Kogi have increased by 20 per cent, even up to 30 per cent on some routes.
Nigerian Tribune investigation revealed that the fare from the Nyanya area of the FCT to the Federal Secretariat was N700 before today, but after the increase, the fare went to N1,000.
From the Federal Secretariat to the Lugbe area, it used to be N500; today, the price is N700. Routes that connect to Niger State also witnessed an increase.
The same applies to Nasarawa and Kogi routes. Speaking with a driver, Ahmed Tanko told Tribune that even with the increase, they are struggling to survive. “The cost of fuel is too high, you have to put your vehicle on the road for a long time to make anything tangible.
“If you buy N20,000 fuel, you will not make more than N30,000 with it which means fuel takes major part of the finances, little is left for maintenance and profit”.
A resident, Ruth Ngongu, said “I bought fuel today at N1450 per litre against the N1350 that I bought yesterday, fuel is becoming too expensive “.
While NNPC retail outlets have adjusted their official pump prices to around ₦1,060 per litre, many independent outlets like MRS, Mobil, and Optima have hiked prices to between ₦1,395 and ₦1,450 per litre.
Analysts said the sudden surge is due to an upward adjustment of wholesale gantry prices by the Dangote Refinery, coupled with rising global crude oil costs exceeding $100 per barrel, driven by ongoing Middle East tensions.
They believe that the rise in transportation fares may trigger an increase in commodity prices in the marketplace.
COURTESY: tribuneonlineng.com
