Residents of the Federal Capital Territory (FCT) have raised concerns over rising transport fares following the recent increase in the pump price of petrol across the country.
Nairametrics observes that petrol, which was previously sold between N835 and N875 per litre in the FCT, is now being sold between N1,200 and N1,350, triggering immediate adjustments in transport fares by commercial vehicle operators.
Commuters say the sudden increase in fares could worsen the already high cost of living in Abuja, as transportation costs often affect the prices of other goods and services.
Residents who spoke to Nairametrics said transport fares have increased across several routes in the FCT within days of the petrol price adjustment.
Commuters warned that the fare increases could place further pressure on household budgets as residents struggle to cope with rising living expenses.
Some commuters also expressed concern that the increase in petrol prices could trigger further increases in the cost of food and other essential goods.
Nairametrics also observed that fewer vehicles were seen on some major roads in Abuja, suggesting that some vehicle owners may be reducing trips due to the higher cost of fuel.
An Abuja-based economist, Dr Bashir Ishaku, said increases in fuel prices typically have a ripple effect across the economy, particularly on transportation and food supply chains.
Ishaku advised the government to strengthen social protection measures and improve mass transit systems to cushion the impact on residents.
Fuel price increases have historically triggered wider inflationary pressures in Nigeria, particularly in transportation and food markets.
Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said fluctuations in fuel pump prices are a direct result of market dynamics under Nigeria’s deregulated downstream petroleum sector.