Residents of Ibadan and neighbouring communities are once again grappling with long queues at petrol stations following a fresh increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
Checks across several filling stations in the Oyo State capital revealed that the product is now selling between N1,020 and N1,080 per litre, a development that has begun to affect transportation costs across the city.
Commuters have already reported fare increases on major routes as transport operators struggle to cope with the rising cost of fuel.
For instance, passengers travelling from Mokola to Ojoo now pay N600, up from the previous N500, while the fare from Dugbe to Moniya has increased to about N900, from N600.
Investigations by our correspondent showed that the fare adjustments are gradually spreading to other routes within the metropolis as commercial drivers attempt to offset the higher cost of petrol.
The situation has also triggered renewed panic buying, with many motorists seen driving around the city carrying jerry cans in search of fuel.
Several filling stations that began dispensing petrol as early as 7:00 a.m. later shut their gates after exhausting available stock, leaving drivers stranded and worsening queues at stations still selling the product.
A commercial driver, Mr. Sulaiman Adeyemi, expressed frustration over the situation, saying transport operators are often blamed for fare hikes despite the rising cost of fuel.
“We are the ones people blame for increasing fares, but they don’t realise how much we now spend on petrol. If we buy fuel at over N1,000 per litre, we have no choice but to adjust our fares,” he said.
Another motorist, Mrs. Funke Oladipo, said she had spent hours searching for petrol across several stations in the city.
“I have been driving around since morning with my jerry can looking for where to buy fuel. Some stations that opened earlier have already closed their gates. It is becoming very frustrating,” she lamented.
A private car owner, Mr. Kola Akinyemi, warned that the persistent increase in petrol prices could further strain household budgets and worsen the cost-of-living crisis.
“Everything is becoming more expensive. When fuel goes up, transport fares increase and the prices of goods will also rise. Ordinary people are the ones suffering the most,” he said.
Residents fear that if the situation persists, both transportation costs and the prices of basic commodities may continue to rise across the city.
The latest adjustment in petrol prices comes amid a surge in global oil prices, which recently climbed to $84 per barrel, up from below $70 just days earlier following escalating tensions and airstrikes involving the United States, Iran, Israel, and other countries.
