Energy

Reactions Trail Rumoured Increase in Fuel Price

Following the recent insinuation of the hike in the price of premium motor spirit from N162 to N212, motorists in Ibadan, Oyo State, have continued  to react to the development.

Reacting to the new increase in pump price of N212, two commercial drivers, who expressed displeasure at the increase, said the hike in petrol pump price had affected their businesses.

They described the hike in petrol pump price as an unhealthy development, which could lead to inflation of every other commodity, urging the Federal Government to introduce measures to cushion the effects of the price hike on the masses. 

Radio Nigeria observed that most major marketers had stopped the sale of the product while few stations that opened had hiked price.

A station manager Mr Steven John attributed the ugly situation to the excesses of some of his colleagues, saying they were hoarding the premium motor sprit, pms.

 Few cars were plying the road as a result of scarcity which had been a problem in Ibadan, the Oyo State capital for almost two weeks.

 Some transporters have started increasing fares, blaming it on the scarcity and increase in fuel pump price. 

Queues have resurfaced in most stations that sell the official price as residents lamented hardship in getting the product.

Meanwhile, Nigeria National Petroleum Corporation, NNPC, has debunked the speculation of hike in price, urging Nigerians to avoid panic buying.

Similarly, the Product Pricing Regulatory Agency, PPPRA, has declared that its publication of monthly template, does not amount to increasing the price of petroleum products, as such increase is supposed to be determined by market forces, under the current deregulation.

All efforts to speak with Oyo State IPMAN Chairman, Alhaji Bukola Mutiu over the development proved abortive.

Olukemi Akintunde 

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