The National Bureau of Statistics (NBS) revealed that the average transport fare within Nigerian cities surged 98 percent from N649.59 in May 2023 to N1,285.41 in June 2023.
This hike in costs is attributed to the rise in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, according to NBS’s Transport Fare Watch report for June 2023.
Further delving into the data, the average fare paid by commuters for intercity bus journeys per drop soared to N5,686.49 in June 2023, marking a notable 42.09% increase when compared to the N4,002.16 recorded in May 2023. This month-on-month escalation reflects the escalating trend in costs.
“The average fare paid by commuters for bus journeys within the city per drop increased by 97.88 percent from N649.59 in May 2023 to N1,285.41 in June 2023. On a year-on-year basis, it rose by 120.63% from N582.61 in June 2022,” the report stated.
“In another category, the average fare paid by commuters for bus journey intercity per drop rose to N5,686.49 in June 2023, indicating an increase of 42.09% on a month-on-month basis compared to N4,002.16 in May 2023. On a year-on-year basis, the fare rose by 55.25% from N3,662.87 in June 2022.”