Osun residents lament as fuel marketers adjust fuel pump price

In a sudden blow to commercial transporters and private car owners in Osogbo, the pump price of Premium Motor Spirit (PMS) witnessed an alarming increase on Tuesday.

Mele Kyari, the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), announced the adjustment, setting the new PMS pump price at a staggering N617 per litre, a significant surge from the previous price of approximately N195 per litre before May 29.

The residents of Osogbo expressed their frustration over the consecutive price hikes, feeling the burden of the sudden adjustments. Kareem Mohammed, who spoke with DAILY POST, voiced his concerns, having just recovered from the previous upward adjustment to over N500 per litre.

He questioned the ongoing price increments, stating,

“It is common in Nigeria that whatever goes up never comes down. Who do we blame for this, and where do we go to for help?”

Jamiu Mohammed, a commercial motorcyclist, acknowledged that he would have no option but to increase the fares he charges passengers.

He also shared that most passengers were aware of the soaring fuel costs and did not complain. However, he expressed apprehension that the continuous increase in fuel prices might force many transporters out of business, hoping for stability in the future.

Segun Adekile, a Keke operator in the Ori-Oke Pure Water area, a suburb of Osogbo, expressed his disappointment, mentioning his expectations after the initial hardship caused by the fuel subsidy removal. Adekile anticipated a gradual reduction in fuel costs until reaching a balance point.

He lamented the absence of any visible progress, stating,

“I am not against fuel subsidy suspension, but as it is, certainly I am not happy. I have a business to run, and I also have a family to feed.”

Some civil servants who were consulted attributed the upward increase to the forces of demand and supply in the market. They urged employers to consider reviewing the salaries and wages of their workers to alleviate the financial strain on individuals.

Samuel Kolade suggested that the President announce an increase in the minimum wage, considering it a more effective palliative measure compared to the planned disbursement of N8,000 to poor households.

In response to the price adjustment, most petrol stations in Osogbo swiftly recalibrated their pumps to reflect the new pump price of N617 per litre. Notably, there were no signs of panic buying or long queues at the petrol stations, indicating that residents had become accustomed to the escalating prices.

As Osogbo residents and transporters grapple with the economic consequences of the soaring petrol prices, they anxiously await relief measures and hope for a return to stability in the near future.