A litre of Premium Motor Spirit popularly known as fuel now sells between N380, N400 and N450 at different fuel stations in Owerri, the Imo State capital.
The hike in price in the state capital started immediately Bola Tinubu was sworn in as the president and announced the removal of fuel subsidy.
Fuel station owners who were initially dispensing at N235 and N240 per litre immediately readjusted their pump prices at N380, N400 and N450 per litre, respectively.
Checks on the development on Monday evening and Tuesday morning in the metropolis, observed that many fuel stations shutdown.
The few who managed to open were selling at N380, N400 and N450 per litre, respectively.
The development had caused queues at different fuel stations who are dispensing fuel in the state capital.
Our correspondent observed also that motorists immediately increased the prices of fares per drop in the state capital.
For example, from Orji to Douglas road which was N200 is now N300 per drop. Orji to the the government house roundabout which was N100 per drop is now N200.
At Okwysco fuel station, our correspondent bought a litre of fuel at N380, with many on the lines waiting to buy on Monday morning.
A motorist who identified himself as Johnson said” you see this is what the Tinubu’s administration is giving us. Hike in the prices of fuel which in turn will skyrocket the prices of goods and services and further deepen hardship in the country. We are buying N380 here. There are others who are selling at high prices.”