Residents of Ibadan, the Oyo State capital, have expressed frustration at the difficulty in purchasing Premium Motor Spirit (PMS), also known as petrol.

The reason for this development, DAILY POST gathered, is due to the increase in the price of the product in most petroleum stations.

Our correspondent, who went round major areas in Ibadan on Monday and Tuesday morning, observed that scarcity of petroleum has continued in Ibadan.

It was observed that the few petroleum stations, belonging to major marketers, that have maintained their prices are currently witnessing long queues as at Tuesday morning.

It was however observed that majority of the petroleum stations owned by independent marketers that opened for business have increased their prices.

A DAILY POST correspondent, who visited some of the petroleum stations, observed that the price of a litre of petroleum now goes for between N200 and N300 in many of the independent marketers’ petrol stations.

Some of the petrol stations visited are those in Monatan, Iyana Church, Iwo Road, Sango, Akobo and Total Garden.

Others are in Bodija, Dugbe, Eleyele, Ologuneru, Sanyo, Soka and Secretariat Road.

While some sell at N200, some sell at N220, N230, N250 while others sell at N300.

Our correspondent observed on Monday that the few stations that have increased thier prices only opened in the evening, a move to beat enforcement officers.

Only few in the rural areas of Ibadan were open for a while in the afternoon.

It was observed that commercial cab operators, private car owners and other people who make use of petrol for their businesses, such as welders, barbers, grinders and tailors, are currently groaning over the development.

Only few of them who could not wait to queue have resorted to buying from black marketers.

Some of those who purchased the black market said that the price of a litre of PMS now goes for between N300 to N500.

Our correspondent recalls that Ibadan and other parts of the country have been experiencing fuel scarcity.

The scarcity started more than two weeks ago.

It started when the federal government raised an alarm that some marketers had imported adulterated fuel into the country.

However, all efforts made by DAILY POST to get a reaction from the Chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN), Oyo state branch, Mr. Bukola Mutiu, on Tuesday proved to be abortive as calls put through his phone were not answered.

KingEverest:
We're getting there

Why are oil subsidies bad economics?


Every year, the Nigerian government runs huge budget deficits that could have been avoided if money budgeted for oil subsidies was allocated to other critical projects.

Subsidies should be used to spur investment in activities that raise the productive capacities of an economy (such as education, health, entrepreneurship, and infrastructure). They should be targeted at strategic sectors of the economy. They should not be used to finance non-durable consumption items like petrol.

Oil subsidies are inequitable, as they transfer the national wealth to those who own several cars and add little or no value to the national economy.

In lieu of subsidies, the government should invest massively in public transportation and boost the transport allowances of public-sector workers.

Removing fuel subsidies would also be good for the environment and safety on Nigerian roads. When motorists pay the full economic price for petrol, they will drive less, emit less pollution and reduce the incidence of road accidents.

There should be a clear communication to Nigerians that the removal of fuel subsidies favours the poor, and eliminates one of the several perks that the Nigerian elites undeservedly enjoy.

ogododo:


https://dailypost.ng/2022/03/01/fuel-scarcity-ibadan-residents-groan-as-petrol-price-increases/

backbencher:
All because we bring in fuel at N282 and sell it at N162 per liter

And the n282 is not static . Rising oil prices means it can pass 300 naira or more. Meanwhile we sell the crude at 162.

And subsidy costs don't cover the resulting loss

So prices have to go up or it would become too costly to keep fuel at N162 per liter.

And yes, the money that could have been used for refineries goes to paying for that subsidy. That is part of why we don't have refineries

ogododo:
Hope sey BMC get fuel.

Tooreda:
What are you saying? Do you even know the supposed cause of this scarcity?

Passionate888:
Go to any filling station and shout sai baba you'd be given fuel @ 162.5

gambia:
Wow.....Buhari is doing well, buy the time the dullard is done with Nigerians even his gullible followers will japa to Somalia.

Tooreda:
What are you saying? Do you even know the supposed cause of this scarcity?

DoggoneDogg:
Afonjanistan is suffering from Abokina induced poverty so this one no concern me

BigYash:
Their own no dey dry.. They buy at 2naira per litre,and with ease o.. Nothing like stress for them..