Nigerians have expressed frustration over the persistent rise in transport fares nationwide, despite a recent reduction in petrol prices.
This dissatisfaction follows significant adjustments in the ex-depot and retail prices of Premium Motor Spirit (PMS) initiated by the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
On December 19, 2024, the Dangote Refinery announced a reduction in its ex-depot petrol price from ₦970 to ₦899.50 per litre. This move prompted the NNPCL to lower its ex-depot price to ₦899 per litre. Furthermore, the refinery partnered with MRS Petrol stations to sell petrol at ₦935 per litre across its outlets, sparking optimism among Nigerians.
Despite these price cuts, transport fares have either remained static or increased, leaving commuters disillusioned.
Social media users criticized the apparent disconnect, with one user, #AsiwajuOladimeji, noting, “When PMS was ₦1,200 per litre, transporters increased fares. Now that it’s ₦899, fares are still high. This reflects human greed.”
Another user, #Arakunrin, highlighted disparities, stating, “The fare from Oshodi to Iyana-Ipaja was ₦500 but increased to ₦700 with higher fuel prices. Now, even with reduced prices, it’s ₦1,000.”
Others attributed the stagnation in transport fare reductions to the minimal impact of the petrol price cut. User #Undisputed argued, “To see a drastic fare reduction, petrol prices must drop significantly further.”
The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) provided insight into the broader economic challenges.
Its president, Mr. Dele Oye, identified the dollar’s dominance and Nigeria’s reliance on imports as core issues. “Our production capacity meets less than 30% of our needs. The solution lies in fostering a supply economy and offering single-digit capital for private sector growth,” Oye stated.
As Nigerians grapple with these challenges, the discrepancy between fuel price adjustments and transport costs remains a source of contention, further amplifying calls for systemic economic reforms.
