Across Akwa Ibom State, the sudden increase in the pump price of Premium Motor Spirit, PMS, has triggered fresh economic concerns among residents.
Many residents said they are worried that the new hike will further push up the cost of goods and services, worsening the hardship already faced by households.
A visit to some filling stations within the Uyo metropolis showed that petrol is now selling between N1,400 and N1,450 per litre.This is an increase from the previous price range of N1,300 to N1,350 per litre that motorists paid just a few weeks ago.
At some stations visited by our correspondent, long queues were observed as motorists scrambled to buy the product before a further increase.Some pump attendants at the filling stations attributed the latest increase to changes in depot prices and landing costs.
They explained that marketers are left with no option than to adjust their pump price to reflect current market realities. Reacting to the development, residents expressed concern that the increase would soon reflect in transport fares and the prices of food items and other essential services.
Ezekiel Iwatt, who spoke with Uyo Infomedia, said the development is worrisome and will add to the economic burden on families.According to him, every time petrol price goes up, the cost of living goes up, but incomes remain the same.
Other residents who spoke in separate interviews said small business owners who depend on petrol for their generators and vehicles will be worst hit.
They called on the Federal Government to critically review the rising cost of petrol, saying the continued increase is no longer helping to ease the economic challenges facing Nigerians.
They also urged authorities to strengthen regulatory measures and provide palliatives to cushion the effect of the price hike on ordinary Nigerians.
Commercial drivers in Uyo have already started adjusting their fares, with intra-city routes witnessing an increase of between N100 and N200, a development passengers say is putting more pressure on their daily budgets.
Market women at Akpan Andem and Itam markets also lamented that the cost of transporting goods from the hinterland has gone up, warning that food prices may rise in the coming days if the situation persists.
The Akwa Ibom State chapter of the Independent Petroleum Marketers Association of Nigeria, IPMAN, is yet to issue an official statement on the new price regime, but sources within the association say the price may remain unstable due to foreign exchange and supply issues.
As of press time, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, had not commented on the latest hike, while residents continue to call for urgent intervention to stabilize prices.
