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Bolt, the popular ride-hailing platform, has officially announced new prices for its rides in Nigeria following the removal of fuel subsidy in the country.
According to Bolt’s official statement, ride prices in Nigeria will change starting from Friday, June 2, 2023. The price adjustment is attributed to the “increased operating costs incurred by Bolt drivers.”
While Bolt has provided updated prices for various cities in Nigeria, the highest price increases are observed in Lagos.
In Lagos, the base fare, previously ₦450, has increased by 17%, now priced at ₦527. The price per kilometer has gone up by 36.84%, from ₦95 to ₦130.
The price charged per minute has increased to ₦23 from ₦17, representing a 35.29% increase. Additionally, the minimum fare on Bolt has risen to ₦800, compared to ₦650 in 2022, marking a 23% increase. Overall, this results in a total increase of 112%.
Earlier reports from Techpoint Africa indicated that drivers anticipated price changes in the ride-hailing industry in Nigeria.
They stated that the surge in prices, which drew criticism from riders, was due to a decline in the number of active drivers caused by a nearly 200% increase in fuel prices in Nigeria.
While drivers of ride-hailing platforms expected a price increase, the actual adjustment fell below their expectations.
According to Punch, the Amalgamated Union of App-Based Transport Workers of Nigeria advocated for ride-hailing companies like Bolt and Uber to raise prices by at least 200% and set minimum fares at ₦2000.
The group also demanded that the platforms reduce the commission deducted from fares by 50% or set it at 10%.
Although they seek higher fares due to the surge in fuel prices, they also want “app companies to subsidize trip fares for the riders by at least five percent to alleviate the impact of the increase.”
