Business
Petrol hits N1,300 per litre in Ibadan amid rising landing costs
The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has surged to between N1,200 and N1,300 per litre in Ibadan and surrounding areas of Oyo State. Previously, petrol was sold at N1,020 to N1,080 per litre.
A member of the Independent Petroleum Marketers Association of Nigeria (IPMAN), speaking anonymously, attributed the increase to rising landing costs. The cost of lifting fuel from the Lagos depot has reportedly climbed to N1,175 per litre, driving the hike in pump prices.
“The pump price varies by location. In Ibadan, it hovers around N1,200 to N1,300 per litre, while areas like Ogbomoso and Oke-Ogun are lower. This is purely market-driven,” the marketer explained.
The price surge has already affected transport fares. Commuters now pay N250–N300 for trips from Songo to UI (up from N200) and N900 from Dugbe to Ojoo (up from N600).
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