US-IRAN WAR: TRANSPORT FARES DOUBLE AS PETROL PRICE SOARS TO N1,200/LITRE
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The effects of the war between Iran, Israel, and the United States are now affecting Nigeria, as bus fares have gone up because the price of crude oil has reached its highest level in five years.
The war between the US and Iran has affected the supply of crude oil.
Iran’s drone attack caused Saudi Aramco to stop its oil refinery, and global shipping companies have paused operations on key routes like the Strait of Hormuz and the Suez Canal due to increased security concerns in the Middle East.
This led to crude oil price rising to $100 per barrel on Monday, the highest since July 2022 before easing to $90 on Tuesday. With the war causing big changes in the global oil market, the Dangote Refinery in Nigeria has raised its ex–gantry price from N774 before the war to N1,075 because of the conflict.
As the cost of crude oil and ex–gantry petrol went up, the prices at petrol stations jumped a lot.
This has led to transport fares doubling on some important routes in Nigeria.
As at Tuesday, it was found that petrol prices, which went above N1,000 per litre on March 7, kept rising in several states, including Lagos, Ogun, and Kaduna.
In Lagos, the price of the product rose from N1,040 per litre to N1,230 per litre at Nigerian National Petroleum Company (NNPC) retail stations at Agege Motor road, Ago Palace Way, and Apple Junction.
At MRS Oil Nigeria fuel stations, the price of the product increased from N1,057 per litre to N1,232 per litre at Festac and Victoria Island, Lagos.
Similarly, Lorion petrol station along Festac Link Bridge raised its price from N1,100 per litre to N1,300 per litre.
At Mobil stations, the pump price rose to N1,244 per litre, up from N1,049 per litre.
In Ogun state, the price of the product surged to N1,250 per litre at the MRS Oil Nigeria station in Mowe, up from around N1,060.
In Kaduna, petrol prices increased to an average of N1,350 per litre, rising from N1,070 per litre.
As petrol prices soared, commuters across several states faced higher transport costs, doubling on some routes, TheCable survey showed.
In major routes in Lagos, intrastate public bus fares have skyrocketed
Commuters traveling from Egbeda to Oshodi are now paying between N1,000 and N1,200, which is higher than the previous range of N500 to N700. There are also fewer buses running on this route.
The fare from Ojota to Costain, which was previously N800 per trip, has gone up to N1,000 per trip.
Additionally, the cost of traveling from Berger to Ojota increased from N500 to N600.
The fare from Sandfill to Ajah has risen to N1,200, up from the earlier range of N800 to N1,000.
Commuters traveling from Ajah to Abraham Adesanya now pay N500 per trip, which is an increase from the previous price of N300.
Commuters traveling from Egbeda to Oshodi are now paying between N1,000 and N1,200, which is higher than the previous range of N500 to N700. There are also fewer buses running on this route.
The fare from Ojota to Costain, which was previously N800 per trip, has gone up to N1,000 per trip.
Additionally, the cost of traveling from Berger to Ojota increased from N500 to N600.
The fare from Sandfill to Ajah has risen to N1,200, up from the earlier range of N800 to N1,000.
Commuters traveling from Ajah to Abraham Adesanya now pay N500 per trip, which is an increase from the previous price of N300.
Waterway transport in Lagos was also affected, with fares from Ikorodu to Sandfill by boat rising to N4,000, compared to the previous N3,000 price.
Commuters in Abuja are also feeling the pinch as transport costs increase.
Around Lugbe, fares have gone up from N400 to N500, while trips from Kubwa to Banex and from Dutse to Wuse have both increased from N800 to N1,000.
Interstate travel also saw an increase in transportation costs.
From the Ojota park in Lagos, travelling to Ibadan, Oyo state, now cost N6,200 — up from N5,200 for Siena trips.
For car trips, the price increased to N6,200 — from N5,200.
From Lagos to Akure, the fare increased to N15,000, as against the prior price of N12,000.
Lagos to Ilorin trips also rose from N12,200 to N15,000.
From the Redeemed Christian Church of God (RCCG) Redemption Camp gate to Ibadan, the price increased marginally to N2,500, up from N2,000.
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