Filling stations across Ibadan have recorded a sharp increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following global market volatility linked to tensions in the Middle East involving Iran, Israel and the United States.
A survey conducted across different parts of the city over the weekend showed that petrol now sells between ₦1,020 and ₦1,080 per litre, marking a significant rise from prices recorded earlier in the week. The increase follows an upward adjustment of the gantry price by the Dangote Refinery amid global oil market instability, which has reportedly affected exchange rates and fuel shipping costs.
Findings revealed that pump prices vary across locations, likely due to transportation costs and supply differences. Some filling stations have also temporarily halted fuel sales amid speculation of a further increase in price, a development that could potentially trigger fuel scarcity in parts of the state.
At Ajibode along the University of Ibadan axis, Bovas Filling Station currently sells petrol at ₦1,080 per litre, reflecting a notable increase compared to the price earlier in the week. As of Saturday, Mobil Filling Station opposite the University of Ibadan sold petrol at ₦1,050 per litre, up from ₦935 recorded on Tuesday last week. In Mokola, TotalEnergies Filling Station suspended fuel sales on Saturday, while Sulmit Filling Station dispensed petrol at ₦1,075 per litre. Poplat Filling Station in the same area sold at ₦1,050 per litre.
Commercial drivers interviewed during the survey expressed concern over the economic impact of the price hike. Drivers operating within the University of Ibadan transport system lamented the difficulty of purchasing fuel and noted that they cannot immediately adjust transport fares because fare changes require approval from the university authorities.
“Order must come from the top when the Senate sits on it,” one of the drivers, Mr. Adekola, explained.
Another driver on campus also raised concerns about the limited availability of Compressed Natural Gas (CNG) as an alternative to petrol, noting that long queues and few distribution points make it difficult to access.
“Even CNG gas is expensive and difficult to get. We only have about five places to buy it — Bovas in UI, Bovas Alakia, Mobil Tollgate, NNPC General Gas and NNPC Akobo,” a driver identified as Boda Ola said.
Commercial drivers in the Mokola axis noted that although they have the flexibility to adjust fares, the higher cost of transportation has reduced passenger patronage.
“Since morning I am just going for my third round. Before the price increase I should have completed about six trips,” Mr. Ojoo Aliu lamented.
According to reports by The Punch, the Dangote Refinery recently increased its PMS gantry price from ₦774 to ₦995 per litre, representing a ₦221 rise in less than two weeks. The adjustment has triggered a ripple effect across filling stations, with many operators reportedly holding back supply amid speculation of further increases.
