Retailers of petroleum, usually referred to as black marketers, are currently “cashing out” in Ibadan, the Oyo State capital, as the scarcity of petroleum in the city worsened.
Ibadan has been experiencing fuel scarcity for the past four days, with most petroleum stations shut down, leaving only a handful selling a litre of petroleum between N195 and N350.
Some of the areas visited included Bodija, Secretariat Road, Sango and Eleyele Road.
The fuel scarcity forced most motorists to hike to resort to patronising black marketers selling at the rate of N500 per litre.
While black marketers are making brisk businesses by inflating the product’s price, petroleum attendants, on the other hand, were observed extorting buyers.
In some petroleum stations, petroleum attendants collect N200 per vehicle before they sell the product. In other stations, they demanded N500 before selling the product to motorists.