Connect with us

Hi, what are you looking for?

NigerianEyeNewsPaperNigerianEyeNewsPaper

Crisis

Fuel Price Hike: Nigerian Families Struggle as Transportation Costs Soar

Rising fuel prices are driving up transportation costs across Nigeria, leaving millions of households with little left for essential needs like food.

According to new data, petrol prices have soared nearly five times over the last 22 months, hovering between N800 and N900 per litre, with projections suggesting a rise to N930 per litre in the coming weeks. This has led to significant hikes in transportation fares across the country.

Transporters have increased fares by 20% to 100%, which in turn has pushed up logistics costs for food sellers—costs that are now being passed on to consumers at the market.

The impact on low-income Nigerians is particularly severe,” stated SBM Intelligence. “Small businesses and traders reliant on transportation for goods distribution face increased operational costs, leading to higher consumer prices.”

 

Data Highlights:

– Bus fares for interstate travel: Up by 403.5% in seven years

– Airfare prices: Increased by 280.7%

– Water transport fares: Rose by 148.8%

Many Nigerian families now struggle to afford three square meals daily as inflation bites harder. A recent report reveals that 3 out of 10 workers spend over 20% of their salary on transportation alone.

Samson G. Simon, Chief Economist at ARKK Economics and Data Ltd, pointed out that even salaried Nigerians are finding it difficult to maintain a nutritious diet due to reduced disposable income.

Only 2.4% of Nigerians earn above N200,000 monthly,” Simon said. “The vast majority earn below N100,000, with 27.8% earning under N35,000, and 17.1% currently unemployed

 

States Worst Hit by Food Inflation

A National Bureau of Statistics (NBS) report shows that food inflation declined slightly in February 2025, but prices remain alarmingly high in several states. Staples like yam tubers, potatoes, maize flour, cassava, and soya beans have all experienced sharp price hikes over the last year.

As inflation continues to rise, many Nigerians are forced to make painful choices—cutting back on meals just to afford transportation to work and school.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Asia Countries

Human rights activist and former presidential candidate Omoyele Sowore has called for nationwide support for a National Youth Service Corps (NYSC) member, Raye, who...

CBN

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit at the Federal High Court in Lagos to stop the Central Bank of...

Government

  Nigeria’s cost of living remains a pressing issue despite the rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics...

Business

Nigeria Customs Gets Approval to Spend N20 Billion on CNG Vehicles, Remote Facilitie# **Nigeria Customs Gets Approval to The Nigeria Customs Service (NCS) has...

Copyright © 2023 NigerianEyeNewsPaper.Com. Design by Weforce Digital Technologies