Nigerians have begun to express deep frustration and concern following a fresh increase in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, as the country continues to grapple with harsh economic conditions.
Checks Oduduwa News reveal that the price of petrol has surged to as high as ₦1,040 per litre in Lagos, ₦1,050 per litre in Ibadan and ₦1,080 per litre in Abuja, after fuel marketers effected a new price adjustment across several retail outlets.
The latest increase comes barely 24 hours after the Dangote Refinery raised its ex-gantry price of petrol to ₦995 per litre, a development that has quickly triggered a ripple effect across filling stations nationwide.
Many motorists and commuters who spoke with Lagos Reporters lamented that the rising cost of fuel will further worsen the already high cost of transportation, food, and other essential goods.
Residents say the continuous hike in petrol prices is placing enormous pressure on household incomes, with many families struggling to cope with the growing economic hardship.
Economic analysts warn that the development could further fuel inflation, as businesses are likely to transfer the increased cost of fuel to consumers through higher prices of goods and services.
As Nigerians continue to feel the impact of the latest fuel price adjustment, citizens are calling on the government to urgently introduce measures that will cushion the effect of the rising cost of petrol on the masses.