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 hike that has left many filling stations closed.
Findings across the city revealed that most petrol stations, including several major marketing outlets, did not open for business on the day the new price emerged. Only a few stations were seen dispensing fuel late in the evening.
Before the latest increase, petrol was sold between N860 and N880 per litre, depending on whether motorists purchased from independent marketers or major retail outlets.
The spike in pump price comes less than 24 hours after reports that the Dangote Refinery raised the ex-depot price of petrol by more than 70 kobo, a move that appears to have triggered adjustments across the downstream market.
Motorists in the state capital expressed frustration over the scarcity and the new price regime.
“There was no petrol in the morning, nowhere to buy the product,” a motorist said at a service station along Aka Etinan Road in Uyo.
Although marketers have not officially explained the sudden increase, industry analysts attribute the situation partly to global oil market uncertainties, particularly the ongoing tensions in the Middle East.
According to them, the conflict involving the United States and Israel in the region could disrupt crude oil production among key Middle Eastern producers, potentially tightening global supply and pushing up petroleum prices.
Economic watchers warn that the development could worsen the cost-of-living crisis, especially for small businesses that depend heavily on petrol to power generators amid unstable public electricity supply.
With energy costs rising and fuel becoming more expensive, many residents fear that transportation fares and the prices of goods and services may soon follow the upward trend.
