Independent Newspaper Nigeria

Independent Newspaper Nigeria

The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has surged to N1,000 per litre in Uyo, the Akwa Ibom State capital, following a sudden closure of many retail outlets across the city.

An investigation by Daily Independent on Wednesday revealed that several filling stations, including major marketers, remained shut during the day, leaving motorists stranded and scrambling for the few outlets that dispensed the product at night.

Before the latest adjustment, petrol sold between N860 and N880 per litre, depending on whether it was purchased from independent or major marketers.

The development came barely 24 hours after reports emerged that the Dangote Refinery had increased its ex-depot price of petrol by over N700 per litre, triggering fresh uncertainty in the downstream sector.

At a service station along Aka Etinan Road, a frustrated motorist told Daily Independent: “There was no petrol in the morning, nowhere to buy the product.” Similar scenes played out in other parts of the metropolis as long queues disappeared, replaced by locked gates and ‘No Fuel’ signs.

Though marketers offered no official explanation for the abrupt price hike and closures, industry analysts linked the situation to rising global crude oil prices amid escalating tensions in the Middle East. They warned that disruptions in oil-producing nations in the region could tighten global supply and push petroleum product prices even higher.

Observers say the impact of the latest increase will be severe, particularly for small-scale business operators already grappling with erratic public power supply. With transportation and energy costs expected to rise, residents fear a ripple effect on the prices of goods and services in the days ahead. (Daily Independent)

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