Adetunji Oluwafemi
Fuel (crude oil) has over time been the major source of revenue for the Federal Government of Nigeria. However, one of the crude oil products, the Premium Motor Spirit (PMS) which is often referred to as Petroleum has the most commercial usage and this has fetched the government more revenue due to its usage in commercial usage.
Petrol, as this popular crude oil product is called, is used for powering almost all mechanical and electronic devices. It is also used in powering electronics appliances just like electricity. Petrol is consumed by the majority of mechanical and automated devices used for land transportation such as Cars, Motorcycles, Commercial buses, amongst others.
As important as this product in Nigeria, the present federal government administration led by President Bola Tinubu, of Nigeria announced the removal of fuel subsidy in May 2023, thereby causing hardship to Nigerians. This subsidy removal led to an unimaginable hike in prices of commodities with galloping inflation.
Fuel subsidy removal not only affects the prices of commodities, it also negatively affects commercial products including transportation which is very key to every business and citizen’s daily activities.
Despite the above, the focus of this piece is a need for urgent attention with regards to the unregulated fuel (PMS) price in Ibadan and Nigeria at large. It is a known fact that markers are allowed to pick within a range of prices beyond which they should not sell.
Reports and complaints from consumers on one hand have it that several filling stations in Ibadan charge outrageous and exorbitant amounts of money on petrol. Within Ibadan, the selling price of petrol per litre to consumers now ranges from #980 #1000, #1100 or more.
Though reports and complaints from other users of petrol in some parts of Ibadan also affirmed some filling stations still charge as low as N650 -N750 per litre. This instability which allows some unscrupulous markets to charge exorbitant prices now calls for concerns. Majority of the residents in Ibadan are now asking “Is there no regulated retail price limit of premium petroleum in Nigeria again?”.
What the law says?
According to the data sourced from the National Bureau of Statistics (NBS), Premium Motor Spirit (Petrol) Price Watch report as of May 2024, an average retail price of Premium Motor Spirit (Petrol) in Nigeria is N769. 62 per litre. However, no price watch was released in the past two months to know whether the retail price needs to be increased or be reduced. The retail price continued to be unstable,
Fuel stations in Ibadan and across Nigeria sell at a price determined by them. This exploitation of their consumers does not end here. Many also often hoard the product so as to sell at higher prices during odd hours as demands rise beyond supplies.
As of Sunday 25th August, 2024 this reporter visited some filling stations in Ibadan, and it was discovered that most vehicles and motorcycle owners (both official and commercial) were spotted waiting on a long queue to purchase fuel from NIPCO Oil, located at Foye bus-stop, along Ife-Ibadan express way. Petrol is sold at N690 per litre in the station.
In the same vein, NNPC filling stations at Celica Bus-stop also sold Petro for N580 per litre. K.A-RURJAF VENTURES and LAW GAS at Egbeda along the same expressway sold theirs at N970 per litre as of Sunday till date.
In another observation and investigation carried out on Monday 26th August, 2024 it was discovered that BOVAS oil at Kukumada area of the same Ife/Ibadan express way has its premises filled up with vehicles of different sizes on long queues wanting to purchase fuel.
BOVAS sells a litre of petroleum at N650. J.F WORLD Nig Limited, a filling station located along Ogungbade Ibadan has since Tuesday 20th August, 2024 been selling a litre of petroleum for N1,100 to its customers.
Though when the reporter checked J,F World Nig Limited on early morning of Tuesday 27th August, 2024 it was discovered that its price per litre had been reduced to N1000.
At AFOO oil limited adjacent Ogungbade police station, a litre of PMS was sold out at N950.
The reason behind this unregulated fuel price in the state has become unknown. One can only call on the Agency in charge of this to be up and doing. Allowing fuel stations to take advantage of the citizens should be checkmated
Photo credit: Online
#Adetunji Oluwafemi is a campus journalist and freelance reporter
