Fuel Price Hike Hits Oyo As Petrol Sells Above ₦1,400 Per Litre
Motorists and other residents of Oyo State are facing fresh economic pressure following another increase in the pump price of Premium Motor Spirit, popularly known as petrol, with some filling stations in Ibadan now selling the product for above ₦1,400 per litre.
The latest development followed the upward review of the petrol gantry price by Dangote Petroleum Refinery, which increased its price from ₦1,265 to ₦1,350 per litre effective September 12, 2026.
The latest adjustment represents the fourth increase in the refinery’s petrol price since August 21.
Checks in parts of Ibadan showed that filling stations have begun adjusting their pump prices in response to the development, although the actual retail price varies from one outlet to another.
Some outlets in the metropolis were selling petrol at about ₦1,400 per litre, while others had adjusted their prices to as high as ₦1,420 per litre.
The development has generated concerns among motorists, transport operators, traders and other residents, who fear that the rising cost of petrol could further increase the cost of transportation and goods and services across the state.
Residents, traders and transporters in Ibadan lamented the latest increase, saying it would further worsen the cost of living and doing business.
They expressed concern that the development could trigger another round of increases in the prices of food items and other essential commodities.
Some commercial transporters also complained that the rising cost of petrol was putting pressure on their operations, as they now spend more to fuel their vehicles.
They said the situation could eventually force operators to review transport fares, thereby placing additional financial burden on commuters.
A commercial driver operating within the Ibadan metropolis, Mr. Aabi said the continuous increase in petrol prices was making it increasingly difficult for transport operators to maintain their businesses without adjusting fares.
He said, “We buy fuel almost every day, and whenever the price increases, our expenses also increase. It is difficult to continue charging the same transport fare when the cost of running the vehicle keeps going up.”
For traders, the concern extends beyond transportation, as higher fuel costs could increase the cost of moving goods from markets and distribution centres to their various destinations.
Some residents also expressed concern that the situation could worsen household expenses, particularly for those who depend on petrol-powered generators to supplement electricity supply.
The latest development comes amid heightened volatility in the international oil market, with crude oil prices remaining elevated as geopolitical tensions continue to affect global energy supplies.
The repeated adjustments in petrol prices have continued to place pressure on Nigerian households and businesses, with consumers increasingly concerned about the effect on their purchasing power.
As marketers respond to changing supply costs, motorists in Oyo State are now keeping a close watch on filling station prices, amid concerns that the latest increase could trigger further adjustments in the days ahead.
