Bolt, the popular ride-hailing service, has implemented a 15% increase in fares for all its ride categories in Nigeria, as reported by Technext. This decision comes in response to the persistent fuel scarcity and the escalating operational challenges that drivers are encountering.
In a formal statement, Bolt clarified that the fare adjustment is intended to offer more equitable earnings for its driver-partners, who have been significantly affected by the recent hike in fuel prices.
Lola Masha, Bolt’s Regional Manager for North and West Africa, underscored the importance of acknowledging the critical role that drivers play in the continuity of the service. Masha stated, “We believe this increase will help drivers earn a fair wage, enabling them to continue offering the safe and reliable transportation our riders depend on.”
The fare increase is the result of extensive deliberations involving Bolt, its driver community, and regulatory bodies, with a particular focus on the heightened operational costs. Fuel prices have risen by more than 45% due to the fuel shortages plaguing the country.
Drivers have been adopting various measures to reduce expenses, such as turning off air conditioning during trips to save fuel. There have also been instances of drivers negotiating fares directly with customers outside the Bolt app, which further underscores the financial pressures they are facing. Bolt has reiterated its dedication to supporting its driver-partners through these tough times.
While Bolt is aware of the potential impact on passengers, the company maintains that it is striving to strike a balance between fair compensation for drivers and keeping the service affordable for riders. “Bolt is committed to supporting our drivers while ensuring accessibility for our riders,” the company conveyed, adding that it will keep an eye on the economic situation and adjust its approach as needed.
As Nigeria deals with the dual challenges of soaring fuel prices and inflation, Bolt’s fare increase is a strategic response to a problem that is affecting the entire industry. The company anticipates that the additional revenue will boost driver satisfaction, elevate the quality of service on its platform, and preserve customer loyalty.
The fare hike has already taken effect, and both drivers and riders are keen to observe how this change will influence their experience with ride-hailing services in Nigeria. Previously, in December 2023, Bolt had introduced a ₦10,000 fuel subsidy for drivers in Lagos and Abuja who completed 50 trips per week, demonstrating its commitment to supporting its drivers amidst rising fuel costs.
In a similar move, Bolt Kenya announced in August 2024 that it had raised its base fares by up to 10% across all ride categories, following a week-long strike by drivers demanding better pay.
