Primero Transport Services, a Lagos Bus Rapid Transit (BRT) operator has said it would increase fares charge across routes, effective from February ending.
“We are going to increase our price because of the situation in the country; our cost has just gone through the roof.
The Managing Director, Fola Tinubu said this in an interview on Thursday in Ikorodu area of the state, stressing that the increase was as a result of the increasing cost of operations.
“At this time last year, we bought 1.2 million liters of diesel monthly at N120 per liter, we are now buying at N260; tyres that cost N70,000 each now go for N140,000.
“All the parts used for the buses are imported so they’ve all doubled or tripled in price; and we have no choice but to continue to buy them.
“So, in doing that we have to find a way to make it work because you all know that the buses were bought in China; so, we have a foreign dollar component in our debt portfolio.
Since the company begun its operations in November 2015, it has maintained a steady fare of N70, N120 and N350 from Ikorodu to Mile 2, Fadeyi and CMS respectively.
”So, our debt has increased and our cost of operation has gone through the roof, and we have managed to keep the pricing same for now.” Tinubu said.
However the MD assured that the increase will still be affordable for commuters to adjust to as compared to the conventional ‘danfo’ buses
“What I can say is that it’s going to be a marginal increase and not a drastic increase and still less than what the commercial bus operators are charging right now.
“We are not even going to be close to that; but there is no other solution to it because if we do not, it is going to be recipe for disaster down the road,’’ the MD said.