Bolt, the ride-hailing platform, has announced new prices for its rides in Nigeria following the removal of fuel subsidies in the country. The price change, effective from June 2, 2023, is attributed to the increased operating costs incurred by drivers while driving with Bolt, according to the company's official statement.
The new prices vary across different Nigerian cities, with Lagos experiencing the highest increases. In Lagos, the base fare has risen by 17% from ₦450 to ₦527, while the price per kilometer has gone up by 36.84% from ₦95 to ₦130.
The price charged per minute has increased by 35.29% from ₦17 to ₦23. The minimum fare on Bolt has now been set at ₦800, representing a 23% increase from 2022. Overall, these adjustments amount to a 112% increase in total.
Drivers had anticipated a price change due to the surge in fuel prices, which led to a decline in the number of active drivers. However, the actual price hike fell below the expectations of driver unions, such as the Amalgamated Union of App-Based Transport Workers of Nigeria.
These unions had called for price increases of up to 200% and a reduction in commissions deducted from fares by 50% or set at 10%. They also urged ride-hailing platforms to subsidize trip fares by at least 5% to alleviate the impact of the fuel price hike on riders.