Commuters are now groaning as the price of Premium Motor Spirit (PMS), commonly known as petrol, hovers between N940 and N990 per liter at some filling stations in Ibadan.
This development has subjected commuters to severe hardship as both intra- and inter-city transport fares have witnessed a sharp increase.
Moreover, over 90% of the filling stations within the metropolis are strictly under lock and key due to an acute supply shortage.
A commercial tricycle operator, commonly known as Keke Marwa, who identified himself as Kehinde Ajao, said the situation has forced them out of the market as they are now running their business at a loss.
According to him, “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.”
He added, “What we are hoping for now is the Dangote Refinery. We were told that from September, it will flood the market with its products.”
The fuel price hike has also had a ripple effect on the economy, causing prices of goods and services to rise across the board.
Transportation costs, being a major expense for businesses, have led to higher prices for consumers. This has resulted in a higher cost of living, affecting millions of people who are already struggling to make ends meet.