Despite petrol price hike, transport fare dropped in October – NBS

• Air fare decreased by 0.30 per cent

Despite the increase in the fuel pump price, the National Bureau of Statistics has stated that there was a drop in the price of transportation fare in October.

The NBS in its transport fare report said the drop was experienced in comparison to prices paid in September.

It however stated that on a year-on-year comparison, there was large increment in prices of transportation cutting across, “Bus journey within the city per drop constant route; bus journey intercity (state route) charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport.”

The report stated that the average fare paid by commuters for bus journeys within the city per drop declined to -16.48 per cent from N1,337.80 in September to N1,117.30 in October 2023.

But on a year-on-year basis, it rose by 75.45 per cent from N636.8 in October 2022.

It said for average fare paid by commuters for bus journey, intercity per drop, there was a decline to N5,885.6 in October, indicating a decrease of 0.53 per cent on a month-on-month basis compared to N5,917.16 in September.

“On a year-on-year basis, the fare rose by 53.04% from N3,845.81 in October 2022.”

For air travel, it said the average fare paid by air passengers for specified routes single journey was N78,778 in October 2023, showing a decrease of 0.30 per cent when compared to September.

But on a year-on -year basis, the fare rose by 7.62 per cent from N73,198 in October 2022.

It continued that Okada transportation during the month was N507, a 21.51 percent decrease when compared with the N646 in September 2023.

“On a year-on-year basis, the fare rose by 10.75 per cent when compared with October 2022 (N458.05). For water transport (waterway passenger transportation), the average fare paid in October 2023 decreased to N1,395.68 from N1,406.84, which indicates a contraction of 0.79 per cent on monthly basis. On a year-on-year basis, it increased by 38.70 per cent from N1,006.22 in October 2022.”

Meanwhile, the bureau in another report said the average retail price paid by consumers for Premium Motor Spirit (PMS) for the month of October was N630, indicating a 0.71 per cent increase from N626 in September.

But on a year-on-year basis, the increase was 222.92 per cent increase when compared to the value recorded in October 2022 (N195.29).

“On State profile analysis, Zamfara State had the highest average retail price for PMS at N659.38, Gombe and Borno states were next, with N658.33 and N657.27, respectively. On the other hand, Lagos, Oyo and Delta states had the lowest average retail prices at N590.95, N592.19 and N599.38 respectively.”

“While on Zonal profile, the North-East Zone had the highest average retail price of N644.16, while the South West Zone had the lowest price of N616.81.”