This is arguably one of the toughest periods for Nigerians, as the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has risen sharply, with some fuel stations outside Lagos selling above N1,400 per litre.
In Lagos, particularly around Alimosho Local Government, the product sells for between N1,340 and N1,390 per litre.
Findings show that in Abeokuta, residents pay between N1,400 and N1,450 per litre, while similar prices are obtained in Sagamu and Ijebu Ode, the two other major towns in Ogun State.
In Ibadan, capital of Oyo State, petrol sells for about N1,400 per litre, as global crude oil prices traded above $100 per barrel last week.
Ironically, while Nigeria stands to gain from rising crude oil prices on the global market, citizens continue to bear the brunt, as pump prices of PMS soar in the local market.
On Monday morning, commuters were left stranded at several bus stops, as commercial motorists hiked fares in response to the new pump prices introduced over the weekend.
“This is really frustrating. As you can see, many people are stuck at bus stops because of the new fares. I don’t think we should continue this way,” a commuter at an Iyana Ipaja bus stop told this newspaper.
A commercial bus driver, who identified himself as Kabiru, said the fare increase was inevitable given the new pump price.
“We cannot buy fuel at almost N1,400 per litre and still charge the old fare. It is not possible,” he said.
The latest price hike has reignited calls for the return of petrol subsidy, a move championed by former Vice President Atiku Abubakar.
