Home Business Transport fare rises amid drop in petrol price in July

Transport fare rises amid drop in petrol price in July

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Transport fare paid by passengers for bus, air, motorcycle and waterway journeys rose month-on-month (MoM) in July despite the decline in the price of Premium Motor Spirit, PMS, also known as petrol, during the period.

According to the latest PMS report by the National Bureau of Statistics’ (NBS), average price paid by consumers for PMS decreased by 1.2 percent year-on-year (YoY) and 0.2 percent MoM to N145.0 in July 2019 from N145.4 in June 2019.”

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Meanwhile, NBS’ latest Transport Fare Watch report showed that the fare paid by passengers for bus journey within the city increased by 7.06 percent to N195.76 in July 2019 from N182.84 in June 2019 while fare paid by commuters for bus journey intercity increased by 0.76 percent to N1,619.05 in July 2019 from N1,606.92 in June 2019.

The report further showed that the fare paid by air passengers for specified routes single journey increased by 0.32 percent to N30,562.97 in July 2019 from N30,464.86 in June 2019 while fare paid for journey by motorcycle (Okada) per drop increased by 1.38 percent to N118.62 in July 2019 from N117.00 in June 2019.

It further stated that fare paid by passengers for water way passenger transport increased by 9.05 percent to N550.89 in July 2019 from N505.18 in June 2019.

Meanwhile, the prices of rice, tomatoes, agric egg and yam declined in July, according to the “Selected Food Price Watch” report for July also released yesterday by NBS

The report stated: “The average price of one dozen of Agric eggs medium size decreased year-on-year by 0.73 percent and MoM by 5.45 percent to N468.31 in July 2019 from N495.32 in June 2019 while the average price of piece of Agric eggs medium size (price of one) decreased YoY by 6.88 per cent and MoM by 2.35 per cent to N38.38 in July 2019 from N39.31 in June 2019.

“The average price of one kg of tomato decreased YoY by 39.47 per cent and MoM by 9.96 per cent to N203.55 in July 2019 from N226.07 in June 2019.

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