Despite the recent reduction in petrol prices, Nigerians are expressing frustration as transport fares remain unchanged or even increase.
On December 19, 2024, the Dangote Refinery reduced its ex-depot petrol price from N970 to N899.50 per litre, prompting the Nigerian National Petroleum Corporation Limited (NNPCL) to follow suit with a similar reduction. Additionally, Dangote partnered with MRS Petrol stations to sell petrol at N935 per litre nationwide.
While this move initially sparked optimism, transporters have not reflected the price drop in their fares. Many Nigerians report that fares have continued to climb, creating widespread dissatisfaction.
Experts have pointed to deeper issues within the economy. Mr. Dele Oye, President of the National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), attributed the challenges to Nigeria’s reliance on imports and the impact of the dollar on the economy. He explained that the country’s production capacity meets less than 30% of its needs, with nearly all vehicles and other goods imported.
Oye emphasized that Nigeria’s growth depends on providing single-digit capital to the private sector to boost production and enable import substitution.
Nigerians are calling for transport operators to adjust fares to reflect the reduced petrol prices, as they grapple with the rising cost of living despite the price cuts in fuel.
