He disclosed this during an interview with the News Agency of Nigeria (NAN) in Lagos on Friday.
The Managing Director, Primero Transport Service Limited, Mr. Fola Tinubu, said the company had transported over 350 million passengers in the last seven years of its operation.
He commended commuters for their steadfastness, saying they had stood by the company over the past seven years of its operations.
Tinubu decried the increase in the cost of diesel which he said had drastically increased their cost of operations by more than N500million monthly.
“Last year, we were buying diesel at about N200 a liter. Now we are buying it at about N740 a liter and use back a million liters a month.
“Our cost of operation has increased because the prices of diesel and other spare parts have gone up.
“The increase in fares that the Lagos State Government approved for us about two months ago was not enough to cover our cost of operations.
“People always think about diesel when they talk about our cost of operations, but every time the naira loses its value, the prices of all the parts we use on the buses also go up.
“This year alone, the dollar exchange rate to the naira had gone up from N360 per dollar to over N700 per dollar,” Tinubu said.
He said that all their suppliers sourced their money from the black market which is always reflected in the prices they charge.
The managing director said that not just the price of diesel that had gone up but also all spares we buy to put our buses in good shape.