A Review of the Nigerian Energy Industry

Prices of commodities and transportation hits the roof top in Edo

Gabriel Enogholase

03 January 2012, Sweetcrude, BENIN – PRICES of commodities and cost of inter and intra state transportation in Edo State has hit the roof following the sudden removal of fuel subsidy on new year day by the federal government.

In Benin , the Edo state capital, besides NNPC mega stations where a litre of the product is sold for N138.00, most other fuel stations were selling for between N141.00 and N150.00 yesterday.

Against this backdrop, the sudden withdrawal of the subsidy has triggered astronomical increases in the cost of transportation and prices of commodities.

Transport fares from Warri to Benin rose from N550.00 for buses to N1,100.00, while those for taxes rose from N600.00 to N1,200.00, even as a basket of garri which hitherto costs N400.00 in Benin reportedly for N700.00 yesterday.

Transport fare from Benin to Lagos yesterday hovered between N4000.00 and N5000.00 as against the former fare of between N1,500.00 and N2,800.00.

Within Benin metropolis, commuter buses were charging passengers between N80.00 and N100.00 a drop yesterday as against the former fair of between N40.00 and N50.00 for the same distance.

In the same vain, commercial motorcyclists in Benin were charging between N150.00 and N200.00 fares for distances that hitherto cost between N50.00 and N100.00 prior to the fuel subsidy withdrawal.

A commercial motorcyclist who spoke to our Vanguard on condition of anonymity, said he registered as a voter for the first time in his life and voted for Goodluck Jonathan in the last election, but he regretted that his reward from President Jonathan was new year gift of fuel subsidy withdrawal.

“Very soon, prices of goods will increase. Wahala go burst for this country,” he predicted.

There were report yesterday of many people who travelled for the Christmas celebrations but got stranded in their villages and were finding it difficult to return to the cities, following the sharp increase in transport fares.

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