Transport Fares Skyrocket as NNPC Increases Petrol Price

The pump price of gasoline has raised at all of the Nigeria National Petroleum Company (NNPC) Limited’s retail locations countrywide.

This occurs two days after President Bola Tinubu said in his speech on inauguration day that gasoline subsidies will expire.

Prices will continue to change in response to market factors, according to a statement from NNPC’s Chief Corporate Communications Officer, Garba Deen Muhammad.

Although the NNPC withheld the new pump pricing, its fuel outlets in Lagos have started selling gasoline at N488 per liter, an 189 percent increase over the N169 allowed in July 2022.

The sum matches that on a widely circulated document that details the cost of gasoline at the pump in Nigeria.

Unauthorized spokesperson for the NNPC claimed to Nigeria Info that the oil firm had not distributed the widely circulated paper.

According to the paper, the pump price is N488 in Lagos, N500 in the South West, N511 to N520 in the South-South and South East, and N535 to N557 in the Northern regions.

The cost of transportation has gone up along with the price of gasoline.

While most commercial drivers in Lagos raised costs, some increased fares by more than 60%.

As opposed to the former cost of N200, bus drivers now charge N400 to N500 from Victoria Island’s bustling Eko Hotel roundabout to CMS.

Instead of costing N500 to go to Oshodi from the Eko Hotel roundabout, it now costs N800 to N1000.

From the former cost of N500, the distance from the Eko Hotel roundabout to Ojuelegba is now between N900 and N1000.

From Ogba on the Lagos Mainland to CMS/Eko, drivers are now demanding up to N1000. It was previously N600.

Nigeria spent $10 billion on petroleum subsidies in 2022, and $7.5 billion was set aside for them in the first half of 2023.

The Nigerian government, however, is now burdened by the N23.7 trillion in Ways and Means Advances from the Central Bank of Nigeria and the N103 billion in debt.

Nigeria’s debt service to revenue ratio might approach 100% in 2023, according to experts.

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