Nigerians Lament as Petrol Sells Above N1,400 Per Litre

By Modupe Gbadeyanka

This seems not to be the best of times for Nigerians, as the price of premium motor spirit (PMS), otherwise known as petrol, has further increased, with some fuel stations selling above N1,400 per litre outside Lagos.

In Lagos, especially around Alimosho Local Government, the product is selling between N1,340 per litre and N1,390/$1.

It was gathered that in Abeokuta, residents pay between N1,400 per litre and N1,450 per litre for PMS, while it is almost within the same price band in Sagamu and Ijebu Ode, the two other big towns in Ogun State.

In Ibadan, the capital of Oyo State, Business Post learned that petrol is selling for about N1,400 per litre, as the global price of crude oil traded above $100 per barrel last week.

Despite Nigeria gaining from the rise in crude oil prices on the global market, Nigerians have continued to suffer because PMS is shooting higher in the local market.

On Monday morning, this newspaper gathered that some commuters were stranded at many bus stops, as commercial motorists hiked their fares because of the new pump price at the weekend.

“This is really frustrating for us. As you can see for yourself, there are many people at the bus stops due to the new bus fares. I don’t think we should continue this way,” a commuter at a bus stop at Iyana Ipaja told this newspaper this morning.

A commercial bus driver, who identified himself as Kabiru, said the fares were increased because of the new pump price, stressing that, “We cannot buy fuel at almost N1,400 per litre and retain the old fare; it is not possible.”

The latest pump price has renewed calls for the return of petrol subsidy, as reignited by former Vice President Atiku Abubakar.