The price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to between N940 and N990 per litre at some filling stations in Ibadan, plunging commuters into severe hardship.
The sharp increase has caused intra- and inter-city transport fares to skyrocket, further straining the already burdened populace.
The situation is made worse by an acute supply shortage, with over 90% of filling stations within the Ibadan metropolis closed for business. The scarcity has left many residents stranded, unable to afford the rising cost of transportation.
Kehinde Ajao, a commercial tricycle operator known locally as “Keke Marwa, told Nigerian Tribune: “Since the official increase in the pump price of PMS, many car owners have abandoned their vehicles at home.
“Not only that, many people have resorted to trekking, despite the potential health implications.”
Ajao added that the current conditions have forced many transport operators out of the market, as they are now running their businesses at a loss.
“We are hoping for relief from the Dangote Refinery. We were told that from September, it will flood the market with its products,” he said.
The fuel price hike has had a ripple effect across the economy, driving up the cost of goods and services nationwide.
Transportation costs have led to higher prices for consumers and increased the cost of living, affecting millions who are already struggling to make ends meet.
