The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has hit N1000 per litre in Uyo, the Akwa Ibom State capital, an investigation has shown.
Before this increment, petrol sold between N860 and N880, depending on whether it was bought from either an independent or a major marketing outlet.
The new pump price comes barely 24 hours after it was announced that Dangote Refinery had increased the price of petrol by over 700k.
According to the check by Businessday, most of the marketers did not open for business, including the major marketers, while a handful of marketers did so at night.
“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, the state capital.
No reason was given for the sudden increase in the price of petrol, but analysts have also pointed to the ongoing crisis in the Middle East, which they say is likely to affect a significant portion of crude oil supply globally.
Nearly all the major oil producers in the Middle East are affected by the US and Israeli attacks, which may cripple oil production in the region and result in soaring prices of petroleum products.
The impact of the increase is going to be huge, and small business operators are in for hard times, as the public power supply has worsened recently.
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