Nigeria’s Fuel Price Surge Drives Up Transportation Costs.

The Nigerian National Petroleum Company Limited (NNPC) has announced a significant increase in petrol prices, raising the cost of Premium Motor Spirit (PMS) from N617 to between N855 and N897 per liter, effective September 3, 2024.

This hike has led to a noticeable rise in transportation costs across the country, impacting both public and private commuting expenses.

The increase in fuel prices has caused public transportation fares to double or even triple in major cities like Lagos and Abuja.

For instance, the average bus fare from Berger to Mowe has jumped from N300 in March 2023 to N500 by August 2024.

This surge in transportation costs is also expected to drive up the prices of goods and services, further straining the budgets of Nigerian households.

The NNPC attributes the price increase to financial difficulties, including a significant debt to international suppliers, which threatens the sustainability of fuel supply in the country.

The situation has sparked public outcry, with citizens expressing concern over the rising cost of living and demanding government intervention to alleviate the economic burden.