Nigerians May Face More Hardship Over Fresh Hike In Petrol Price

The recent resurgence of fuel scarcity in Osun State and other parts of the country may lead to a further hike in the prices of commodities, transportation fares, among others, OSUN DEFENDER has gathered.

Findings by OSUN DEFENDER revealed that the rise in the price of Premium Motor Spirit, popularly known as Petrol from between N600 to above N1,000 per litre, will affect the costs of essential goods and services.

OSUN DEFENDER’s investigations in Osogbo, Ile-Ife, Ede, Iree, Ila Orangun, Ilesa, Ikirun, Iwo, and Ejigbo, among other parts of the state showed that fuel queues have returned to the state.

It was gathered that while some filling stations have remained shut, others dispensing the product have added to the rate the product was sold for three weeks ago.

The medium learnt that while the product went for between N580 to N650 per litre about a month ago, the price has surged to over N1,000 per litre as of yesterday.

While the Nigerian National Petroleum Company Limited (NNPCL) retail outlets still sell at the official pump price of N617 per litre, some major marketers, including BOVAS, Matrix, Mobil, and Conoil are selling way higher between N670 to N700 per litre, with others raising it from N800 to N900 per litre in the state.

READ: Fuel Scarcity: NNPC Seeks Fresh $2bn Oil-For-Cash Loan Deal

Petrol marketers have attributed the recent petrol scarcity in Nigeria to supply challenges faced by the Nigerian National Petroleum Company Limited, the sole importer of the commodity, turning to depot owners to obtain petrol for their retail outlets, the national oil company attributed the situation to the rainy season, which made it difficult for trucks to lift at its depots.

OSUN DEFENDER had, in its May 03, 2024 edition, reported how the scarcity of PMS affected residents of Osun State, causing them undue hardship.   

Further findings by the medium revealed that the slight increase in the price of petrol has led to a hike in the prices of commodities, transportation, and others in the state.

OSUN DEFENDER’s reporters who monitored the situation across the state yesterday observed that commercial transporters have slightly increased transport fares, while traders have also jerked up the prices of their commodities.

The situation it was learnt could lead to further modification in prices in the coming weeks.

A food seller, Mrs. Bolanle Zakariyau, told OSUN DEFENDER that the rising cost of petrol has led to changes in the prices of foodstuffs and other essentials.

Zakariyau said the development has adversely affected sales, calling on the government to find a lasting solution to the fuel crisis.

She said, “The situation has affected food prices. The quantity I sell has reduced and costlier than before. A boiled egg that I sold at N200 is now N300, a sizeable piece of meat is now N600 from N500, and so on. That is how we have adjusted prices. It is because the transport fares have increased and that is what affects almost every commodity.

“This period is turbulent for business owners and private people. But, we are helpless about the situation. The government should find a lasting solution to this petrol matter because our survival is badly affected.”

A commercial mini-bus owner, Mr. Bayo Adeleye, corroborated the food seller. He appealed to the authorities to come to the aid of artisans and small-scale business owners who have been hit by the fuel scarcity.

Comrade Akin Akanji, a public affairs analyst while exchanging views with OSUN DEFENDER yesterday advocated for the resuscitation of the nation’s refineries, to stem the tide of the recurrent fuel scarcity.

Akanji noted that, “It is sad that this is the situation. What stops the Federal Government from finding a lasting solution to the perennial fuel scarcity conundrum? The people are suffering and the government is not acting.

“The government should let our refineries work. That is the only solution. If the refineries work and private individuals are allowed to start their refineries, we would not continue to suffer at every opportunity. The situation has led to a rise in the prices of food items and other essentials. We cannot continue this way,” he concluded.