The National Bureau of Statistics says that transport fares have risen by as much as 75% since May 2023, when President Bola Tinubu announced the removal of petrol subsidies. The NBS’ Transport Fare Watch for October 2023 disclosed that intracity journeys, bus journeys, and airfare charges for specific routes have more than doubled.
The high cost of petrol leads to the high cost of transport ThisDay reports that the average retail price paid by consumers for petrol for October 2023 was N630.63 per litre, showing a 222.93% rise compared to the value recorded in October last year.
Also, comparing the average price value with September 2023, the average retail price of the product rose by 0.71% from N626.21 per litre of petrol.
According to the report, Zamfara state recorded the highest average retail price for petrol at N659.39, Gombe, and Borno at N658.33 and N657.27 per litre, respectively.
