In response to the abrupt elimination of the gasoline subsidy, operators in Nigeria’s downstream petroleum sector have raised pump prices sharply as customers flocked to the gas stations.
In response to the events, commercial transporters have increased their travel costs across the nation.
The new president, Bola Tinubu, declared that “petroleum subsidy is gone” in his inaugural speech yesterday.
According to checks by Newsmen in Lagos, some merchants responded by raising their rates by about 100%, to N400 per litre from N185.
Tinubu Ends Fuel Subsidy, Vows To Review Multiple Taxation
In contrast, only a few other stations, particularly the major marketers, supplied gasoline between N195 and N220 a liter in Lagos and Abuja.
Our research also revealed that some gas station owners just shut down their filling stations, which created lengthy lines.
Even as depot owners stopped operating their businesses, claiming that additional clarity was required to direct actions for the implementation of the new directive.
Long lines at gas stations returned in Abuja as drivers responded to the elimination of the gasoline subsidy.
Meanwhile, commuters could be seen stuck at several bus stations waiting to board commercial buses that may have become stuck in the uproar following the elimination of the gasoline subsidy.
Few of the buses that were operating for profit raised their fares by 50% to 100% out of concern about an anticipated shortage.
The Price Of Petrol Has Risen To N300 Per Litre
One of the motorists, wearing a long face, who spoke with this reporter at one of the fuel stations selling petrol, lamented, “Why would Tinubu start on this note to punish the already depressed, impoverished Nigerians inflicted by the out-gone administration of President Muhammadu Buhari.
“This is absolutely unfair to Nigerians. When I heard that Tinubu has directed the removal of oil subsidy, I had to rush down here to fill my tank and some jerry cans for my power generating set.”
Also, Mr John Akinloye, a motorist along the Agege area, said, “I was not surprised to see queues at the fuel stations after the announcement. I just pray this sad and unfortunate development will not last so as not to put suffering masses in another round of economic and mental torture.
“I have been at the fuel station for over an hour, and am yet to get to the fuel pump point. Even the fuel attendants are not willing to sell more than N3,000 per buyer. If you want to buy N4,000 they are refusing.”
Say No To Petrol Queues – NNPC Declares
Long lines were seen at the Conoil and Adova Petroleum stations in the Karu neighborhood of the country’s capital, where outlets were charging N195 per litre.
Pump prices at independent-marketer-run gas stations increased to between N315 and N370 per litre, with the highest price range being observed outside of Lagos and Abuja.
After today’s return to work following the holiday proclaimed for the new president’s inauguration, it was learned that the situation might get worse over the next few days.
The majority of the stakeholders who spoke with Newsmen about the project thought that the subsidy reduction was the right move.
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