Petrol price jumps to N350/ltr as queues return
In response to the immediate removal of the petrol subsidy, operators in Nigeria’s downstream petroleum sector have raised pump prices sharply as customers flocked to the petrol stations.
In response to the developments, commercial transporters have increased their trip costs across the nation.
The new president, Bola Tinubu, declared that “petroleum subsidy is gone” in his inaugural speech yesterday.
According to inspections in Lagos, some marketers responded by raising their prices by about 100%, from N185 per litre to N370.
In contrast, only a few other stations, particularly the major marketers, sold fuel between N195 and N220 per litre in Lagos and Abuja.
Our research also revealed that some fuel station owners simply shut down their filling stations, which created lengthy lines.
Even as depot owners stopped operating their businesses, claiming that additional clarification was required to direct activities regarding the implementation of the new order.
Long lines at gas stations returned in Abuja as drivers reacted to the elimination of the gasoline subsidy.
Increased transportation costs
Meanwhile, commuters could be seen stuck at various bus stops waiting to board commercial buses that may have become stuck in the uproar following the removal of the petrol subsidy.
Few of the buses that were operating for profit raised their fares by 50% to 100% out of concern for an impending shortage.
At one of the petrol filling stations, a driver with a long face bemoaned, “Why would Tinubu start on this note to punish the already downtrodden, poor Nigerians brought on by the out-gone administration of President Muhammadu Buhari.
Nigerians are being treated unfairly by this. I had to hurry down here to fill up my tank and some jerry cans for my power generator when I heard Tinubu had ordered the removal of the oil subsidy.