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Increase in transport costs persist in October

... As fares, petrol price increase, diesel drops

The costs of transportation across Nigeria through different means all recorded an increase in October, as captured by data from the National Bureau Statistics. The monthly report, which covers bus journey within the city per drop constant route; bus journey intercity, state route, charge per 4person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport, saw motorcycle transport having the highest monthly increase. Petrol price at a national average of N165.60 in October, was a 0.46 percent increase from N164.85 in September 2021, while diesel prices dropped by 0.22 percent.

The breakdown of fares shows that the average fare paid by air passengers for specified routes single journey increased by 0.03% month-on-month and by 1.87% year-on-year to N36,932.43 in October 2021 from N36,922.97 in September 2021 and N36,256.08 in October 2020 respectively. The Zone with the highest average air transport fare was South-South (N37,275.00) and the least average airfare fare paid by passengers was in North West (N36,592.86).

The average fare paid by commuters for bus journey intercity stood at 2,634.46 in October 2021 indicating an increase of 0.52% when compared to the value in (N2,620.00) in September 2021 and also increased year on year by 19.22% in October 2020 (N2,209.84). The Zone with the highest average fare paid by commuters for bus journey intercity was in the North Central (N3,061.36) and the least average fare paid by commuters was in South-South (N2,136.10).

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Similarly, the average fare paid by commuters for bus journey within the city increased by 36.58% in October 2021 to N440.09 from the value recorded in October 2020 (N322.22) and when compared month-on-month, the value increased by 1.09% in September (N435.36). The Zone with the highest average fare paid by commuters for bus journey within the city was in the North East (N477.18) and the least average fare paid by commuters was in South East (N374.48).

The average fare paid by commuters for water transport in October 2021 stood at N850.50 showing an increase of 13.34% from the value in October 2020 (N750.42). The month-on-month analysis as well showed an increase of 0.17% from (N849.06) in September 2021. The Zone with the highest average fare paid by commuters for water transport, water way passenger transportation was in the South-South (N1,969.13) and the least average fare paid by commuters was in the North East (N501.75).

The average fare paid by commuters for journey by motorcycle per drop increased by 1.15% month-on-month and by 35.15% year-on-year to N310.13 in October 2021 from N306.61 in September 2021 and N229.46 in October 2020. The Zone with the highest average fare paid by commuters journey by motorcycle per drop was in South-South (N350.98) and the least average fare paid by commuters was in the North East (N207.39).

On the fuel side, another report also by NBS shows the average price paid by consumers for premium motor spirit (petrol) increased by 2.75% year-on-year to N165.60 in October 2021 when compared to the value in October 2020 (N161.17). The value also increased month-on-month basis to N165.60 in October 2021 showing an increase of 0.46% when compared to the value of N164.85 recorded in September 2021. States with the highest average price of premium motor spirit (petrol) were Plateau (N172.43), Nasarawa (N170.45) and Abia (N170.25). States with the lowest average price of premium motor spirit (petrol) were Yobe (N159.86), Kwara (N160.00) and Lagos (N162.67). Likewise, the highest average price was recorded in the South East zone (N167.32) while the North East had the least average price (N164.46) in October 2021.

The average price paid by consumers for Automotive Gas Oil (diesel) decreased by -0.22% to N254.07 in October 2021 from N254.64 in September 2021 on month-on-month basis. The value recorded in the period under review increased by 15.59% on year-on-year basis to N254.07 in October 2021 when compared to the value (N219.80) recorded in October 2020.

States with the highest average price of diesel were Taraba (N280.00), Borno (N278.50) and Ogun (N275.36). States with the lowest average price of diesel were Kebbi (N214.17), Zamfara (N223.33) and Yobe (N227.00). Likewise, the highest average price was recorded in the South West zone (N265.64) while the North West had the least average price (N237.49) in October 2021.

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