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.
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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.
