Despite the recent drop in petrol prices, traders and transporters across Lagos have refused to reduce their prices.
Residents remain frustrated as transport fares, food prices, and essential goods costs continue to strain household budgets.
Survey Shows No Change in Market Prices
A survey conducted in Mile 12, Mushin, and Balogun markets confirmed that prices of foodstuffs, household items, and transport fares remain high. Many expected relief from lower fuel costs, but traders and drivers have maintained previous rates.
Commuters Express Frustration Over Unchanged Transport Fares
A commuter at Ojota bus park, Mr. Bayo Adebayo, lamented that transport fares remain unchanged despite the reduction in fuel prices. He questioned why fares from Ojota to Oshodi remain at N800, even though petrol now costs N890 per litre.
Traders Blame High Logistics Costs for Unchanging Prices
Market traders argue that despite cheaper fuel, transporters still charge high fees due to unstable fuel prices. A tomato seller, Mrs. Oluchi Nwosu, noted that goods from the North remain costly because drivers fear future fuel price increases.
Transporters Cite Maintenance Costs as Key Factor
Commercial drivers insist that costs beyond fuel prices impact their fares. A danfo driver, Mr. Yusuf Lawal, explained that vehicle maintenance, spare parts, and engine oil prices remain high, making fare reductions difficult.
Economists Explain Price Stickiness in Nigeria’s Economy
Financial analyst Dr. Tope Aluko described the phenomenon as “price stickiness,” where businesses raise prices quickly but hesitate to reduce them. He urged government intervention to ensure Nigerians benefit from lower fuel prices.
Calls for Government Action Grow Stronger
Consumer rights activists are urging authorities to regulate market and transport prices to ease financial burdens on citizens. Many Lagos residents, like schoolteacher Mrs. Taiwo Adeyemi, believe the government must take action to curb rising costs.
