In some parts of Oyo town, the cost of petrol has surged to N1,500 per liter.
The increase occurred on Wednesday as more filling stations opened to serve customers.
According to Kayode Oguntona of Radio Nigeria, there were long queues of vehicles and motorcycles at the few stations still selling petrol at N1,000 per liter.
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Motorists suspecting hoarding of the product have called on the government to establish a special task force to address the activities of erring dealers.
They claimed that sealing any filling station found hoarding petrol would serve as a deterrent to others engaging in such practices.
Meanwhile, due to the high transport fare resulting from the petrol price hike, many commuters have resorted to trekking long distances.
Also, only a few commercial motorcyclists are currently operating on the roads.
